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Tuesday, January 26, 2021

Oil price depends on global growth

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Oil price depends on global growth
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International Energy Agency chief Fatih Birol says that oil prices may have bottomed but that would depend on global economic growth.

Asked if oil prices had reached a bottom, Birol told Reuters: “It may well be the case, but it depends on economic growth.”

He expected global oil demand to grow by 1.2 million barrels per day this year while non-OPEC oil production would fall by more than 700,000 bpd.

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The Indian Telegraph Sydney Australia

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Oil price depends on global growth

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