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World's oil cushion could be stretched to the limit, IEA warns

Reuters  |  LONDON 

By Ron BoussoLONDON (Reuters) - The world's oil supply cushion could be stretched to the limit due to prolonged outages, supporting prices and threatening demand growth, the International Energy Agency said on Thursday.The expected drop in Iranian crude exports this year due to renewed U.S. sanctions, coupled with a decline in Venezuela's production and outages in Libya, Canada and the North Sea have driven oil prices to their highest since 2014 in recent weeks.OPEC and other key producers including Russia responded to the tightness by easing a supply-cut agreement, with Saudi Arabia vowing ...

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First Published: Thu, July 12 2018. 13:52 IST
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