The International Energy Agency warned Thursday the oil market is entering a “very crucial period” due to uncertainties over Libya and Venezuela and Iranian sanctions,and said demand in non-OECD countries was proving mostly resilient to currency depreciations. Receive daily email alerts, subscriber notes & personalize your experience. Register Now In its monthly oil market report, the IEA highlighted Venezuela’s continuing decline, this week’s attack on the headquarters of Libya’s NOC, and a sharp reduction in Iranian output ahead of the reinstatement of US sanctions on November 4. It estimated Iran’s crude production had fallen by 150,000 b/d to a 25-month low of 3.63 million b/d in August. On the demand side the IEA raised its estimate of China’s oil demand growth this year to 640,000 b/d, from 490,000 b/d in its previous report, and said non-OECD demand was by and large proving “resilient” in the face […]

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