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yet another bid to press Opec to steeply raise oil production at a meeting last week.
“There is a need for more oil in the market, and we hope producing countries are reading the market signals in the way we are,” Fatih Birol, chief economist for the International Energy Agency, told Reuters.
“We are already seeing the impact of high oil prices in the US and China,” he said adding that US economic data was showing slower growth rates while inflationary pressure in China was on the rise.
He said global refinery demand will grow by 3,0-3,5 million barrels a day by next quarter as refiners ramp up activity to meet seasonally higher oil product demand reflecting factors including the resumption of the driving season in the United States. An ongoing drought in China is also likely lead to increased use of diesel generators, he said. – Reuters.