The International Energy Agency expected oil markets to witness a scarcity in the second half of this year, stressing at the same time that it would revise its forecasts based on economic growth in China and some other countries.
Fatih Birol, Executive Director of the International Energy Agency, said in press statements today that the revision of demand forecasts "depends to a large extent on growth in many countries in the second half of the year, but mainly on growth in China."
On ways of further reducing demand expectations, Birol added, "Yes, but there is also a possibility of an upward revision, so we will see what the expectations for the Chinese economy will look like, but in any case we expect a scarcity in the second half of the year."
The International Energy Agency expected, in its report issued this month on oil, that demand would rise to a record level this year with the lack of supply, but it expected that the increase would be slightly less than expected.
Source: National Iraqi News Agency