The oil market is calm despite conflicts in key regions, undermined by weak demand which is holding down oil prices, the International Energy Agency (IEA) said yesterday.
“Despite armed conflict in Libya, Iraq and Ukraine, the oil market today looks better supplied than expected, the IEA said lowering its forecasts for oil demand this year and next.
There were even reports of “an oil glut” in the Atlantic basin, it said.
“Oil prices seem almost eerily calm in the face of mounting geopolitical risks spanning an unusually large swathe of the oil-producing world,” it said, referring in particular to Iraq and the advance of Islamic State fighters towards Kirkuk oilfields until US air strikes halted their gains.
