The International Energy Agency (IEA)’s most recent report offers a panorama of the global oil market.
Demand is slowly rising.
Supply which still exceeds demand, is stable for the following reason: while there has been a collapse in production in Venezuela and a drop in the levels of extraction in the North Sea and Libya, this has been offset by an increase in production in the United States, Canada and Brazil.
The United States which has now a lot of oil from fracking, especially from the Gulf of Mexico (Pemex), will probably overtake Saudi Arabia in 2018 and rival Russia.
It is predicted that the price of a barrel of crude, currently 63 dollars (West Texas Intermediate) and 68 (Brent), should reach 70 dollars.