International Energy Agency predicts price relief
The recent spike in oil should ease in the near term, according to the International Energy Agency’s (IEA) latest monthly report, but there could be a large supply gap late next year if the Organization of Petroleum Exporting Countries (OPEC), year as oil demand will grow steadily thanks to a solid global economy.
The fact that the recent spike in oil prices should ease is a good thing, according to the Paris-based organization, given the concerns that surging oil prices could crimp global economic growth.
“Prices are unlikely to increase as sharply as they did from mid-2017 onwards and thus the dampening effect on demand will be reduced,” the IEA said in its latest monthly report.
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