InternationalMoney and Business

Global oil supply jumps, sending prices lower: IEA

The Address | Benghazi – Libya

FRANKFURT – The International Energy Agency (IEA) said Wednesday that global oil supplies are growing rapidly as Saudi Arabia, the United States and Russia pump more oil in response to fears of higher prices as a result of renewed U.S. sanctions on Iran.

The IEA said in its monthly report that October output rose by 2.6 million barrels a day to 100.7 million barrels as producers heeded warnings that looming U.S. sanctions could mean a loss of Iranian oil to the market and thus lead to higher prices.

But when President Donald Trump imposed sanctions Nov. 5, he issued six-month waivers for some of Iran’s biggest oil customers. That helped send prices lower. Brent crude is trading below $70 per barrel, down from a four-year high above $86 per barrel in early October.

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