World oil supply risks being 'stretched to limit': IEA

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Title : World oil supply risks being 'stretched to limit': IEA
Link : World oil supply risks being 'stretched to limit': IEA

Rising global oil supply, driven by crude giants Saudi Arabia and Russia, may come under pressure as key producers face disruptions, the International Energy Agency said Thursday.

The IEA welcomed in its July report last month's agreement between the Organization of the Petroleum Exporting Countries (OPEC) and Russia to open the taps in order to bring prices down from multi-year highs.

But it pointed to supply disruptions in Libya after a string of attacks on infrastructure. It also highlighted continuing unrest in Venezuela and a drop in Iranian exports after President Donald Trump announced he was pulling the United States out of the landmark nuclear deal reached in 2015.

"The large number of disruptions reminds us of the pressure on global oil supply," the IEA said... "This will become an even bigger issue as rising production from Middle East Gulf countries and Russia, welcome though it is, comes at the expense of the world's spare capacity cushion, which might be stretched to the limit."

The IEA report was published a day after both main oil contracts were sent into freefall by worries over a stronger dollar and the impact of the global trade war on demand. (Read Article)