Global oil markets are in a tough spot as recession fears and worries about supply push the sector into “walking a tightrope,” an International Energy Agency (IEA) report warned.
Though a “resilient Russian supply” and weaker-than-expected oil demand growth in advanced economies have “loosened headline balances,” price tensions persist and refinery margins remain extreme, said an overview of the report published in July.
Global oil supply is projected to grow by around 1.8 million barrels per day through December. However, the report states there are short-term risks, including the potential loss of supply from countries like Libya and Kazakhstan.
Organization for Economic Co-operation and Development (OECD) stocks are almost 300 million barrels below their 5-year average. OECD is an intergovernmental organization with 38 member countries based out of France….