WTI oil prices have fallen back below $100 per barrel, despite an upbeat outlook from the IEA in its monthly energy outlook. The IEA notes that global oil demand has remained “surprisingly robust,” citing the economic recovery in the OECD nations. We agree that demand has been surprisingly robust. The IEA also noted the fall in global inventories, and that speaks to the squeeze on Iran’s exports and production issues from the round-robin of trouble spots in Libya, the North Sea, Nigeria, and South Sudan, among others.
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