The head of the International Energy Agency, Fatih Birol, announced at an energy conference in Norway on Tuesday that the oil market is experiencing tension due to the ongoing crisis in the Middle East. He noted that "the war in Gaza between Israel and the Islamic resistance movement (Hamas) has not significantly negatively impacted market prices at the moment." However, he clarified that "if one or more oil-producing countries in the region become directly involved in the conflict, we may see repercussions from that."
For her part, the head of the oil markets division at the International Energy Agency, Toril Bosoni, told Reuters on Tuesday that the global oil market will see a slight surplus in 2024, even if OPEC+ countries extend their cuts into next year. However, Bosoni added that the oil market is currently facing a deficit and that inventories are "declining at a rapid rate." She said, "Global oil inventories are at low levels, which means we are facing the risk of increased volatility if surprises occur regarding demand or supply."
