International Energy Agency predicts increase in supply after lifting of sanctions against Iran,pushing prices down furtherThe world could find itself drowning in oil this year and prices could fall further as current Iranian output cancels out production cuts elsewhere, according to the International Energy Agency.
An increase in supply and weakening demand growth will ensure there is an overabundance of oil until late 2016 at the earliest, or the IEA said in its January report. It said the result would be the third successive year when supply exceeded demand by 1m barrels a day,and the system would struggle to manage. Related: IMF cuts global growth forecasts Continue reading...
Source: theguardian.com