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International Energy Agency: Future Crude Oil Prices May Rise
Sep 17, 2018

The monthly report on the crude oil market released by the International Energy Agency (IEA) on the 13th showed that in August this year, due to the increase in production in Libya and Iraq, the supply of crude oil from OPEC members rose to a nine-month high of 32.63 million barrels per day. However, the IEA warned that crude oil prices may rise in the future due to the increase in production in Iran and Venezuela. The daily consumption of global oil in the next three months will exceed 100 million barrels, or the oil price will be under pressure. On the demand side, the IEA maintained its global crude oil demand growth forecast for 2018 and 2019, at 1.4 million barrels per day and 1.5 million barrels per day.

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