Global oil market well supplied; see no reason for spike in prices: IEA

The global oil market is well supplied with about 1 million barrel per day of excess supply which will help keep a lid on prices, the head of the International Energy Agency said on Friday.

IEA Executive Director Fatih Birol said oil prices had temporarily gone up due to geopolitical events but have come down.

Oil prices in 2019 remained around $60 per barrel despite attack on Saudi Aramco’s oil facilities, Iran oil going out of market and collapse of major oil producer Venezuela, he said.

“We did not see a major increase mainly because there is an abundance of oil production around the world coming from the US, Brazil, Canada, Norway and Guyana.