World oil market “adequately supplied for now” -IEA

Oil markets look “adequately supplied for now” after a big production increase in the last six months, but the industry is coming under strain, the West’s energy watchdog said on Friday.

The International Energy Agency said in its monthly report that the world’s spare oil production capacity was down to 2 percent of global demand, with further falls likely.

Members of the Organization of the Petroleum Exporting Countries (OPEC) and other exporters such as Russia agreed in June to raise output as the market appeared increasingly tight…

 

Click Here For Remainder of Article 

Posted in: Daily News

About the Author:

Post a Comment