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The International Energy Agency (iea) : Crude Oil Will Soon Be Phased Out

The international energy agency believes the recent rally in crude oil will soon slow, slowing concerns about the impact on the global economy.

'it is difficult for oil prices to replicate the gains seen since the middle of last year, so the pressure on demand will be reduced,' it wrote in a report on Wednesday.

The iea broadly maintains its forecast for demand growth next year of 1.4 million barrels a day.

But it warned of some potential downside risks to demand, including a drop in economic confidence, an escalation of trade wars and a continued strengthening of the dollar.

The international energy agency has raised non-opec supply growth this year to 2 million barrels a day and is expected to slow to 1.7 million next year, mostly from the United States.

When OPEC and non-opec meet on June 22, the main focus will be on whether to ease production cuts.

Saudi Arabia and Russia have advocated increased production, but countries such as Iran and Iraq have opposed it.

The international energy agency hypothesis: Saudi Arabia and Russia at the end of next year production may reduce 1.5 million barrels a day, than it is now the other OPEC members of congress make up about 1.1 million barrels of daily in the Middle East.

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