Energy Markets News
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The International Energy Agency cut forecasts for oil supplies from outside OPEC this year because of lower exports from Sudan and Syria, cautioning that reduced spare output capacity raises the risk of a price surge.
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Oil dropped after stockpiles at Cushing, Oklahoma, climbed to the highest level in nine months and Saudi Arabia pledged to make up for any supply shortage.
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Iran’s oil minister played down prospects of war and denied his country was losing oil income due to sanctions on its nuclear program, while blaming western nations for soaring international fuel prices.
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The European Union may allow insurance against risks such as collisions and spills for tankers carrying Iranian oil, a proposal that would ease curbs on the nation’s crude exports.
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