Weekly MENA Newsletter will be delivered to your email in PDF format every Friday (52 Issues per Year).
IEA chief Fatih Birol says the oil market is “entering the red zone” with the looming collapse in Iranian exports setting up a potential supply crunch sooner rather than later. “Expensive energy is back, and back at the wrong time” given slowing global economic growth, he says. Speaking at this week’s Oil & Money conference in London, he notes that the slide in the Indian Rupee and other emerging market currencies against the dollar means that in local currency terms prices are already at or near all-time highs: “consumers are hurting,” he says.
Even in dollar terms, “the stars are aligned” for a potential spike to “three digit” prices, says Jeremy Weir, CEO of trading giant Trafigura.
DON'T HAVE AN ACCOUNT?
NEED TO UPGRADE YOUR CURRENT SUBSCRIPTION?
By upgrading your Print or Digital subscription you will gain access to the MEES Archives Database with past articles and data dating back from 1984.UPGRADE