Saturday 15 December 2018
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inquirer - 1 month ago

Int’l Energy Agency: Global oil supply jumps, sending prices lower

FRANKFURT, Germany --- The International Energy Agency (IEA) said global oil supplies were growing rapidly as Saudi Arabia, the United States, and Russia pump more oil in response to fears of higher prices as a result of renewed U.S. sanctions on Iran. The IEA said Wednesday in its monthly report that October output rose by 2.6 million barrels a day to 100.7 million barrels as producers heeded warnings that looming U.S. sanctions could mean loss of Iranian oil to the market and thus lead to higher prices. But when President Donald Trump imposed sanctions on November 5, he issued six-month waivers for some of Iran s biggest oil customers. That helped send prices lower. Brent crude is do...

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