Supply risks still haunt market despite high oil prices

The International Energy Agency says the world has little spare capacity to increase oil production, with the combined buffer of Saudi Arabia and the United Arab Emirates set to fall to just 2.2 million barrels per day in August. – EPA pic, July 13, 2022.

HIGH oil prices have yet to dampen demand, which is set to continue rising and may soon outstrip supply, the International Energy Agency warned today. 

It cautioned that the global economic recovery could be derailed unless governments take measures to reduce consumption and fuel prices that pose a threat to stability in some nations.

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