The global oil market is expected to be well-supplied in 2020 and demand growth could stay weak, keeping a lid on oil prices, the head of the IEA told Reuters on Jan. 10.
Most traders are anticipating a cyclical acceleration in oil and energy consumption this year as the manufacturing and freight sectors put last year’s slowdown behind them.
What was originally a proxy war between Washington and Tehran has dangerously become a direct confrontation that is raising concerns about Middle East oil flows.
Crude oil prices climb 5% after the U.S. assassination last week of Iranian commander Qassem Soleimani.
The United States has only been exporting oil since early 2016, after a four-decade ban on crude shipments worldwide was lifted in response to a surge in U.S. oil production.
Oil prices jumped nearly $3 on Jan. 3 after a U.S. air strike in Baghdad killed the head of Iran's elite Quds Force.
European governments and Israel last year agreed to proceed with the so-called EastMed project, a $6 billion to $7 billion pipeline project to carry gas from Israeli and Cypriot waters into Europe.
The deal, which came just 24 hours before the current agreement expires, averted a potential Russian gas-flow interruption to Europe and helped Moscow avoid another blow to its reputation.
The decision, in effect for a year, could increase US petrochemical exports to China.