7 minutes agoOil prices drop slightly, but cautions deterioration in April
Periskopi(3 months ago)
(3 months ago)While oil prices have dropped from over $100 per barrel, the cost of crude oil is still 36% more expensive than it was before the war with Iran began on February 28th and could deteriorate, according to the International Energy Agency (IEA). IEA Executive Director Fatih Birol suggests that [...]
IEA Executive Director Fatih Birol suggests that current prices do not reflect the severity of what is happening in the Middle East, CNN reports.
“Prill may be even worse than March, because during March we have already received cargo that was launched long before the crisis began... and during April, nothing is being loaded,” he says.
The longer the suspension takes longer, the heavier the problem becomes. ”
Last month, the 32 IEA members agreed to release 400 million barrels from their oil reserves to ease supply restrictions, and Birol signalled that the agency would be ready to operate again.
“400 million barrels are just 20% of our resources,” he says. “We still have 80% in reserve. We appreciate the decision. If and when we decide that the moment is, we are ready to act and act immediately”, he added.
