This was on the front page of the IEA website today:

"The IEA predicted in its monthly oil market report that global oil demand will increase by two percent this year, revising upwards an earlier estimate due to a considerable adjustment of previous demand data. David Fyfe, an oil analyst in the IEA said, referring to supply and demand, “to us, the balance looks particularly stark at the moment”. He added that for refiners “the system is quite stretched …with little wiggle room”.

That pretty much says it all.


Yours for a better world,

Mentatt (at) yahoo (dot) com