International Energy Agency Expects Comfortable Oil Market in 2024

The head of the International Energy Agency, Fatih Birol, indicated today, Wednesday, that "the agency expects oil markets to be in a comfortable and balanced situation this year," despite tensions in the Middle East amid increased supplies and slowing growth forecasts for demand. He pointed out that "production has not yet been affected by these disruptions," and stated that "he does not expect a significant impact on oil prices unless one or more of the major oil-producing countries gets dragged into the conflict." Birol affirmed that "we have a large quantity of oil in the market."