PARIS: The head of the oil consumers’ watchdog group has said that he believed Saudi Arabia would “act responsibly” in the energy market, citing its reputation in helping balance global supplies.

“I trust Saudi Arabia will act responsibly in line with its reputation,” Fatih Birol, who worked for OPEC before joining the IEA 20 years ago, told Reuters on the sidelines of a the global climate change summit in Paris.

“It’s up to them to decide, but Saudi Arabia’s reputation is that it provides comfort to the market and balances it.”

The Paris-based IEA was established four decades ago to provide a counterweight to OPEC following the Arab oil embargo, and traditionally maintains a laissez faire policy toward markets.

Oil prices have collapsed from more than $100 a barrel last summer to nearly $40 a barrel.

Birol also reiterated his concerns that the recent extended period of lower prices — US crude is set for its lowest yearly average price in a decade — may be setting the world up for a rebound within two years as companies scrap major new projects.