IEA: World Oil Market Appears Adequately Supplied

Oil markets look “adequately supplied for now” after a big production increase in the last six months, but the industry is coming under strain, the International Energy Agency (IEA) said Oct. 12.

The IEA said in its monthly report that the world’s spare oil production capacity was down to 2% of global demand with further falls likely.

“This strain could be with us for some time and it will likely be accompanied by higher prices, however much we regret them and their potential negative impact on the global economy,” the Paris-based organization said.