The deputy head of the International Energy Agency warned Monday that political unrest in North Africa and the Middle East was a "key" uncertainty hanging over oil markets.
The deputy head of the International Energy Agency warned Monday that
political unrest in
North Africa
and the
Middle
East
was a "key" uncertainty hanging over oil markets.
Richard Jones, deputy executive director of the IEA, underlined that the
Organization of Petroleum Exporting Countries and non-OPEC producers had enough
capacity to cope with demand and avoid a surge to the record 110 dollar a
barrel high seen in 2008.
"All in all, market fundamentals could potentially impose a ceiling on
prices for the next few months at least," Jones told a U.N. seminar on
commodities markets.
"However I want to stress that key uncertainties remain."
"I mentioned the strength of the economic recovery, demand being one of
those, but another one is the unfolding developments in the Mideast-North
Africa region at this time, and we're all watching those very carefully
obviously," he added.
World oil prices rose close to 100 dollars a barrel earlier Monday on fears
that unrest in
Egypt
could
disrupt the flow of oil through the
Suez Canal
on
its way to the West, analysts said.
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