IEA says OPEC has “torn up the book” on oil supply

IEA says OPEC has “torn up the book” on oil supply

IEA says OPEC has “torn up the book” on oil supply In its monthly outlook for the oil industry the International Energy Agency today predicted more bumpy times ahead for the sector. The agency warned that although prices may have bottomed out there was still volatility ahead with the impact of capital investment cuts not being felt until further down the line. It could be years before things balance out it said. The report forecast that supplies have not hit their peak and would likely hit record levels this year, however with OPEC predicting that low prices could fuel demand from China in particular there is a feeling that prices could stabilise. The level of that stabilised price is likely to be “substantially below the highs of recent years” the IEA said.