Follow us:
  • Facebook
  • Twitter
  • Google+
  • AppStore
  • RSS
Azernews.Az
Monday February 18 2019
  • Latest
  • Nation
  • World
  • Business
  • Oil & Gas
  • Armenian Aggression
  • Nagorno-karabakh conflict
  • Editorial
  • Analysis
  • Lifestyle
  • Events
  • Healthcare
  • Culture
  • Sports
  • Travel
Home
  • Home
  • Nation
  • World
  • Business
  • Oil & Gas
  • Armenian Aggression
  • Nagorno-karabakh conflict
  • Editorial
  • Analysis
  • Lifestyle
  • Events
  • Healthcare
  • Culture
  • Sports
  • Travel

IEA talks further growth in oil prices [UPDATE]

12 September 2018 14:08 (UTC+04:00)
1 312

By  Trend

The International Energy Agency (IEA) doesn’t rule out further growth in oil prices until the end of the year, IEA Executive Director Fatih Birol told reporters in Baku Sept. 12.

He said the growth of global demand for oil, decline in the oil industry of Venezuela and the situation in the Middle East will remain the main factors.

If other producers don’t decide to increase production, it is possible to predict the continuation of the growth trend before the end of the year, said Birol.

Today, oil prices reach $80 per barrel, he noted, adding that three factors contributed to this.

First, there is a strong increase in demand for oil, about 1.4 million barrels a day, he said. Such a trend is expected to continue in the coming year as well, he noted.

Second, Venezuela, one of the main producers of oil, cut production from 2.5 million barrels to 1.2 million barrels, Birol said. This is a serious figure and further decline is expected, he noted.

The third factor is the uncertainty in the Middle East, the decline in exports from Iran, as well as the unstable situation in Libya and Nigeria, he said.

"All these factors may contribute to higher oil prices until the end of the year, unless other producers increase production," he added.

---

Follow us on Twitter @AzerNewsAz  

 
 
Story still developing
  • #IEA

Related News

Non-OPEC oil production growth is set to slow in 2019: IEA

Non-OPEC oil production growth is set to slow in 2019: IEA

20 January 16:06
IEA reveals key drivers of rise in renewables-based electricity

IEA reveals key drivers of rise in renewables-based electricity

15 November 2018 12:44
IEA: Global oil supplies growing rapidly with record output

IEA: Global oil supplies growing rapidly with record output

14 November 2018 19:55
IEA improves forecast of oil price to $88 per barrel in 2025, to $112 in 2040

IEA improves forecast of oil price to $88 per barrel in 2025, to $112 in 2040

13 November 2018 12:39
IEA expects significant gas production increase in Azerbaijan

IEA expects significant gas production increase in Azerbaijan

12 September 2018 13:04
IEA executive director due in Azerbaijan next week

IEA executive director due in Azerbaijan next week

5 September 2018 15:16
IEA executive director expected to visit Baku

IEA executive director expected to visit Baku

27 June 2018 13:11
IEA revises forecasts for global oil demand growth down

IEA revises forecasts for global oil demand growth down

14 November 2017 13:48
IEA expects non-OPEC output to expand

IEA expects non-OPEC output to expand

11 August 2017 14:04
IEA: Global gas demand to rise to 2022

IEA: Global gas demand to rise to 2022

13 July 2017 13:05
  • Latest
  • Popular
17 February 17:39 • Winners of synchronous trampoline competition as part of World Cup awarded in Baku [PHOTO]
17 February 17:24 • Azerbaijani gymnast to "diligently prepare" for World Championships in Tokyo
17 February 17:15 • Pakistan’s ambassador to Iran summoned to Iranian Foreign Ministry
17 February 15:44 • Winners of tumbling competition as part of World Cup awarded in Baku [PHOTO]
17 February 15:35 • Azerbaijani gymnast grabs silver at World Cup in Trampoline and Tumbling in Baku
17 February 15:27 • Winners of individual trampoline program as part of World Cup awarded in Baku [PHOTO]
17 February 15:09 • Armenians call for “sowing seeds of hatred” between Azerbaijanis and Chechens [PHOTO]
17 February 14:00 • Chinese athlete grabs gold in individual trampoline program in World Cup in Baku
17 February 13:48 • Second day of Trampoline and Tumbling World Cup kicks off in Baku [PHOTO]
17 February 13:15 • Mammadyarov meets with Foreign and Security Policy Adviser to German Federal Chancellor [PHOTO]
17 February 12:55 • Azerbaijan, U.S mull situation in Karabakh negotiation process
17 February 12:39 • Mobile app for visa registration to be launched in Azerbaijan
17 February 12:19 • Malaysian company may build robotics plant in Uzbekistan
17 February 11:58 • 10 export-oriented projects to be launched in Kazakhstan's Pavlodar SEZ
17 February 11:43 • Turkmenistan hopes to increase transit cargo transportation from China
17 February 11:31 • Passenger traffic at Baku port reaches 20-year record
17 February 11:17 • Finalists of trampoline competitions among men, women named in synchronous program
17 February 10:58 • Azerbaijani FM meets with Deputy PM of Croatia
17 February 10:35 • Chechens and Azerbaijanis always supported each other - official
17 February 10:26 • Azerbaijani, Kyrgyz FMs mull preparations for Turkic Council summit
17 February 12:19 • Malaysian company may build robotics plant in Uzbekistan
17 February 10:00 • How many foreign specialists can Azerbaijan hire?
17 February 11:43 • Turkmenistan hopes to increase transit cargo transportation from China
17 February 10:35 • Chechens and Azerbaijanis always supported each other - official
17 February 10:26 • Azerbaijani, Kyrgyz FMs mull preparations for Turkic Council summit
17 February 10:58 • Azerbaijani FM meets with Deputy PM of Croatia
17 February 12:39 • Mobile app for visa registration to be launched in Azerbaijan
17 February 15:09 • Armenians call for “sowing seeds of hatred” between Azerbaijanis and Chechens [PHOTO]
17 February 10:15 • Armenia violates ceasefire with Azerbaijan 25 times
17 February 11:58 • 10 export-oriented projects to be launched in Kazakhstan's Pavlodar SEZ
17 February 12:55 • Azerbaijan, U.S mull situation in Karabakh negotiation process
17 February 13:15 • Mammadyarov meets with Foreign and Security Policy Adviser to German Federal Chancellor [PHOTO]
17 February 11:31 • Passenger traffic at Baku port reaches 20-year record
17 February 17:15 • Pakistan’s ambassador to Iran summoned to Iranian Foreign Ministry
17 February 09:50 • Finalists of trampoline competition among men, women named in individual program
17 February 15:44 • Winners of tumbling competition as part of World Cup awarded in Baku [PHOTO]
17 February 13:48 • Second day of Trampoline and Tumbling World Cup kicks off in Baku [PHOTO]
17 February 15:27 • Winners of individual trampoline program as part of World Cup awarded in Baku [PHOTO]
17 February 17:39 • Winners of synchronous trampoline competition as part of World Cup awarded in Baku [PHOTO]
17 February 14:00 • Chinese athlete grabs gold in individual trampoline program in World Cup in Baku
See more
AzerNews Newspaper
AzerNews
  • Facebook
  • Twitter
  • Google+
  • RSS

Information

About us Contacts Advertising Azernews In Print

News Archive

© 2019 AzerNews. All rights reserved