The Energy Agency is ready to act to maintain a sufficient supply of oil

The Energy Agency is ready to act to maintain a sufficient supply of oil

Perry: Iran's ability to influence oil markets is limited

London: Middle East

The International Energy Agency (IEA) announced Monday that it was closely following developments in the Strait of Ormuz and that it was ready to intervene if necessary to maintain an adequate supply on the world oil market.
The Paris-based agency said open access to cross-strait energy sources was at the heart of the global economy and needed to be preserved. "Consumers can be badured that the oil market is getting a good supply right now, while oil production has risen on demand in the first half of 2019, pushing world stocks up 900,000 b / d" says the statement.
Iran's Revolutionary Guards announced Friday that it seized a British flag bearer in the Gulf, in retaliation for the seizure of an Iranian aircraft carrier by Britain earlier this month. This decision further reinforces fears of supply disruptions in the Strait of Hormuz at the mouth of the Gulf, through which about one-fifth of the world's oil supplies flow. About 20 million barrels of oil are transported daily in the Strait, accounting for about 20% of global supply, the Energy Agency said.
For its part, US Secretary of Energy Rick Perry said yesterday that the rise in new oil and gas supplies was reducing Iran's ability to influence the global oil market.
"That worries me," Perry said at a press conference in Jerusalem, citing rising prices after the seizure of the ship. "But we are in a very different position than we were ten years ago."
"The new supplies will help stabilize fuel supplies, whether it's crude oil, natural gas or by-products.I think we'll see less movement in the market when a similar event what is happening now is happening. "
"Iranians have more trouble influencing the market than it was 10 years ago," he said.
The price of oil rose more than 2% yesterday to 64 dollars a barrel, fearing that the detention of a British oil tanker by Iran last week will disrupt supplies in the Gulf region, but the return of the field of Libyan sparks in power has limited gains.
By 1600 GMT, prices had decreased as the world's benchmark crude had risen $ 0.61, or 0.9%, to $ 63.08 per barrel. US WTI futures were up $ 0.30, or 0.5%, to reach $ 56.06 per barrel.
Oil gains were neutralized by the announcement of the resumption of production of the Libyan oil field, the country's largest, half a day after stopping since Friday, resulting in a loss of production of oil. about 290,000 barrels a day.
At the same time, data showed late last week that shipments of crude oil from Saudi Arabia, the world's largest source, fell in May to their lowest level in a year and a half. .
Goldman Sachs cut its forecast for annual oil demand growth for 2019 based on disappointing global economic activity that was hard hit by colder weather and lower demand for fuel to produce electricity .
The bank revised its forecast of growth in oil demand for 2019 to 1.275 billion bpd, against 1.45 million bpd at the beginning of the year.
The bank, however, said the level was still above the average forecast of about 1.05 million bpd this year.
"All other factors stabilizing, we estimate that an upward adjustment of the average demand forecast for oil demand of 1.275 million barrels per day will result in an increase of $ 6 per barrel of Brent," said the bank.
According to the bank's forecast, oil demand in 2020 is expected to reach 1.45 million barrels per day (bpd) thanks to a gradual acceleration of global economic growth and increased demand due to the new rules of the economy. IMO on fuels from 2020.

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