Oil supply rise could cool down prices: IEA
Oil supply rise could cool down prices: IEA
London, 16 November (Argus) — Rising oil supplies around the world could mean that "a reprieve from the oil price rally" is coming, the IEA said today.
"Preliminary data and satellite observations of stock changes in October suggest the tide might be turning," the Paris-based energy watchdog said in its latest Oil Market Report (OMR).
The world's oil supply is set to rise by 1.5mn b/d over November and December, with the US accounting for 400,000 b/d of the increase and Saudi Arabia and Russia combined for 330,000 b/d, "in live with Opec+ targets", the agency said.
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