It's not realistic to expect a major increase in oil prices - IEA - Reuters
|There is a tremendous amount of stock in the markets and to expect a major increase in the price is not very realistic, The International Energy Agency (IEA) executive director Fatih Birol told Reuters.
Key quotes (via Reuters)
- Downward price pressure will come from other producers
- If we see the prices go up as a result of any push from the producers ... we will see more oil coming to the market, not just from the U.S.; we will also see Brazilian and Canadian oil coming to the market
The IEA estimates that global oil demand will grow by 1.4 million bpd this year.
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