Rising oil prices may hurt demand in some of the world’s fastest-growing nations unless producers take steps to boost supplies, according to the International Energy Agency.
“I wouldn’t be surprised if we revise our numbers,” Fatih Birol, the executive director of the Paris-based adviser, said in a phone interview, referring to the IEA’s forecast for demand growth this year of 1.4 million barrels a day. High energy prices are hurting consumers today, and could hurt the economies of exporting countries tomorrow, he said.
Brent crude, benchmark for half the world’s oil, has gained more than 20 percent since mid-August due to concern over supply losses from Venezuela and Iran. Saudi Arabia, the world’s largest exporter of crude, is comfortable with Brent above $80 a barrel as the global market adjusts to the loss of Iranian supply from U.S. sanctions, according to people familiar with the kingdom’s view. Brent traded near $86 a barrel this week, the highest in almost four years. Read more
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