The International Energy Agency warned
Thursday the oil market is entering a "very crucial period" due to
uncertainties over Libya and Venezuela and Iranian sanctions, and said demand
in non-OECD countries was proving mostly resilient to currency depreciations. It
estimated Iran's crude production had fallen by 150,000 b/d to a 25-month low
of 3.63 million b/d in August. On the demand side the IEA raised its estimate
of China's oil demand growth this year to 640,000 b/d, from 490,000 b/d in its
previous report, and said non-OECD demand was by and large proving
"resilient" in the face of currency depreciations against the dollar,
although risks to this view remain. More…
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