IEA Director Believes Oil Prices Could Climb In The Second Half Of The Year ...Middle East

A tightening oil market could prompt higher prices in the second half of the year, the head of the International Energy Agency, Fatih Birol, has said. Speaking at the Columbia Global Energy Summit, Birol also noted, as quoted by Reuters, that while the mild winter of 2022 and 2023 helped Europe avoid the worst of the energy crunch, this winter could present a problem. Despite this challenge, he believes Europe should be able to do without Russian LNG. The reason for recent bullish price outlooks is invariably OPEC+’s decision to reduce its…

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