IEA has recently come up with a statement to portray the condition of the global oil market.
France – In recent months, oil market dynamics have been shaped by strong growth in demand, compliance by countries party to the Vienna agreement to cut output, and the crisis in Venezuela, leading to tighter overall market conditions. The restoration of sanctions on Iran, which exports 2.5 million barrels of oil a day and is the world’s fifth-largest exporter, may have implications for the market balance.
The International Energy Agency (IEA), whose mandate is to support and safeguard global energy security, is monitoring the situation very closely. As ever, the IEA stands ready to act if necessary to ensure markets remain well supplied.