It's not realistic to expect a major increase in oil prices

31 March, 2017

It's not realistic to expect a major increase in oil prices

There is a tremendous amount of stock in the markets and to expect a major increase in the price is not very realistic, The International Energy Agency (IEA) executive director Fatih Birol told Reuters. Downward price pressure will come from other producers.

If we see the prices go up as a result of any push from the producers ... we will see more oil coming to the market, not just from the U.S.; we will also see Brazilian and Canadian oil coming to the market. The IEA estimates that global oil demand will grow by 1.4 million bpd this year.


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