IEA: Market Can Still Withstand Rising Oil Prices

The International Energy Agency said the world oil market can still withstand the rising prices of oil but warned the public is already overburdened and the situation is very volatile.

The Paris-based agency said in its monthly report, “For the time being, the market can cope with current outages, but in the light of the many possible threats to output, including the current hurricane season, there is little doubt that the upstream spare capacity cushion remains thin.”

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