From its office in Paris, out of sight of the drama of US President Donald Trump’s European adventure, the International Energy Agency’s Oil Market Report makes for sober reading. Its June report suggests that the oil market will be “finely balanced next year,” which is a polite way of saying that it will be turbulent and – in essence – a mess.
The embargoes of Iran and Venezuela have already set the oil market on edge, with Libya’s continued disruption making things very tight. Any further problem, the IEA says, and the price of oil is likely to spike out of control. Brent crude, the index for oil prices, could whip from today’s price of just above US$70 a barrel to $250 a barrel.
Trump’s war on Iran
The main point of disruption is the policy of the United States against Iran. In May, Trump jettisoned US commitments to the 2015 nuclear deal with Iran. He called for a total embargo of Iranian oil exports by this November. Read More
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