The International Energy Agency says oil producers will have to be patient, because prices won't climb at all this year. Next year they're expected to head uphill, but only gradually.
The International Energy Agency (IEA) has warned that global oil supplies could be severely impacted by the US decision to pull out of the Iran nuclear deal. Crisis-hit Venezuela constituted another big risk, it added.
Global oil prices fell after the US-led airstrikes in Syria at the weekend, having spiked last week on fears Middle East tensions might escalate. Eyes now turn to how Syria's key sponsors, Russia and Iran, react.
The cartel pumped more oil in July, boosting global supplies for the third month and casting doubt on OPEC's pledge to reduce production. But the IEA industry group hopes growing demand will take up the slack.
The International Energy Agency (IEA) expects the United States oil output to be higher than that of Saudi Arabia in 2018, setting the country on a course to become the world's second largest producer after Russia.
© 2018 Deutsche Welle |
Legal notice |
| Mobile version