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INTERNATIONAL ENERGY AGENCY (IEA)
Crude oil prices rose higher after the International Energy Agency (IEA), in its May oil market report, had predicted lower global inventories in the second half of 2020
Global oil supply to drop by 12 million b/d to 9 year low, covid-19 resurgence still a concern – IEA
IEA has just released its Oil Market Report for May 2020, with reliable data, forecasts, and analysis of trends in the global oil market.
It is obvious that the scale of the oil crisis has defied the efforts of OPEC+ and other oil-producing countries, as the idea of production shutdown is moving towards reality.
Global crude oil prices rose early Friday morning after US President, Donald Trump, laid out unprecedented measures aimed at reviving the American economy which has been devastated by the Coronavirus pandemic.
There is a strong indication that the Federal Government of Nigeria may still find it difficult to implement the adjusted 2020 budget that was recently sent to the National Assembly for vetting.
Despite the deal by the OPEC and its allies, in addition to the intervention of US President, the volatility of the oil market still continues unabated.
The International Energy Agency (IEA) in its latest forecast, expects Brent oil price to average US$33 this year.
The International Energy Agency (IEA) has disclosed that the global oil demand growth will remain subdued due to the trade disputes between the United States of America and China.