Title : The IEA Warns Of Another Oil Price War
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The IEA Warns Of Another Oil Price War
OilPrice.com: The IEA Warns Of Another Oil Price War
The oil market has been on edge for a week now, entertaining the possibility of a new price war within the OPEC+ alliance, the International Energy Agency (IEA) said on Tuesday, adding that the current impasse is also threatening to derail the global economic recovery.
In June, global oil demand is estimated to have jumped by as much as 3.2 million barrels per day (bpd) to 96.8 million bpd, the agency said in its closely watched Oil Market Report for July.
For the rest of the year, oil demand will continue to rebound thanks to solid economic growth, rising vaccination rates, and easing of restrictions in many economies, the IEA said.
Yet, the oil market is jittery because of the ongoing OPEC+ deadlock, with increased volatility that helps neither producers nor consumers, the agency noted.
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Update #1: OPEC+ deadlock is bad news for oil producers and consumers, IEA warns (CNBC)
Update #2: Oil Advances to 33-Month High on Warning About Supply Crunch (Yahoo Finance)
WNU Editor: Unless the world experiences another Covid wave, I do not see an oil price war happening. What I see is this .... Oil prices advance on global supply deficit while demand expands (World Oil).
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