“Escalating tensions between Israel and Iran fuel fears of broader Middle East conflict and disruptions to Iranian exports“, notes the IEA in its monthly report.
Nevertheless, underlines the IEA, several factors have contributed to “stabilize the markets“, as “the resolution of a political conflict in Libya that briefly halved its oil exports, relatively modest production losses from major hurricanes“in the United States and”low demand“.
???????? “For the moment, oil exports from Iran and neighboring countries are not affected, but the market remains on alert, awaiting further developments in the crisis.“, she said.
“As supply evolves, the IEA stands ready to act if necessary“, taking “actions collectives” as it already did in 2022 at the start of the war in Ukraine, said the Agency established in 1974 by the OECD after the oil crisis to facilitate the supply of black gold to rich countries.
“The IEA stands ready to act in the event of a significant supply disruption – and if market conditions warrant it“, a spokesperson told AFP.
????️ According to the IEA, the world can count on significant oil stocks. “For now, supply continues to flow and, absent a major disruption, the market will face a considerable surplus” in 2025, she notes.
After going back under 70 dollars in September, the price of a barrel of Brent BRENT Brent, or North Sea crude, is a variation of crude oil serving as a benchmark in Europe, listed on the InterContinentalExchange (ICE), a stock exchange specializing in energy trading. It became the first international standard for setting oil prices. closed on October 7 above 80 dollarsa first in a month and a half, stimulated by fear of an Israeli attack on Iranian oil infrastructure.
Tuesday morning it sank 5% after press reports reporting that Israel plans not to target Iranian oil infrastructure, and in the face of the IEA report and that of OPEC+ (Organization of the Petroleum Exporting Countries and their allies). He remained above 70 dollars around 9:40 a.m. GMT. On Monday it finished sharply lower.
At the time of writing the IEA report, “Brent crude oil futures BRENT Brent, or North Sea crude, is a variation of crude oil serving as a benchmark in Europe, listed on the InterContinentalExchange (ICE), a stock exchange specializing in energy trading. It became the first international standard for setting oil prices. were trading at around 78 dollars the barrel (…) down by more than 10 dollars per barrel compared to the previous year“, put the International Energy Agency into perspective.
⛽️ Last week, IEA Executive Director Fatih Birol said he expected to see “reasonable oil prices“, due to weakening demand in China, which is turning to electric vehicles.
According to the IEA, global oil demand is expected to increase by just under 900,000 barrels per day in 2024 and around 1 million barrels per day in 2025, “which is significantly lower than 2 million barrels per day observed in 2023“.
(c) Afp
Commenter ????️ Oil market “sufficiently supplied” to cope with global tensions, says IEA
Community barrel price
Related News :