In its new Oil Market Report, IEA projects a fairly balanced oil market this year - however, we see uncertainties which could shift it in either direction.
If Libya and Iran fully return to the market the world could face an oil glut later this year putting significant downwards pressure on the oil price.
However, demand is picking up, especially in the US, and the conflict over Ukraine continues to loom in the background - both supporting the oil price.
To Read the Entire Report Please Click on the pdf File Below