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US shale oil producers would need to add the equivalent of Russia's total crude oil production in just seven years to avoid a global shortage, according to a global energy watchdog .
Both benchmark oil prices have lost more than 20% in value since early October.
Birol told CNBC that, even though it was not in his role to comment on Trump's opinion, it was advantageous to keep prices down. But Birol said he heard from "many different corners" that it was time to go back and cut down on production and drive up prices.
"I would like to ensure that prices, even from the producers' point of view, rise and create a serious challenge for global economic growth," he said.
The IEA executive director said that lowering prices was crucial to boosting economic growth, especially in major oil-buying countries such as India.
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