Oil prices retreated after the International Energy Agency said there is an abundance of oil in the market in 2020 while oil demand growth is likely to remain weak. ((AFP))
The previous week's price rise was of course caused by heightened tensions with Iran.
The International Energy Agency ((IEA)) began 2020 by highlighting the challenges facing the oil market in 2020 while ignoring its strong fundamentals.
While pursuing this negative narrative, it glossed over many important questions such as whether US shale producers plan to increase their production amid the current drawback in drilling rigs.