Global oil prices have fallen to their lowest level in nine months, despite fears that conflicts in
Brent crude oil has fallen to
In July, oil hit its highest level in nine months, valued at
The current dip in price has led to an increase in demand from wealthy states.
In a report on Tuesday, the
The agency said that while tensions in
According to the IEA: "The Atlantic market is currently so well supplied that incremental Libyan barrels are reportedly having a hard time finding buyers."
It had been thought that sanctions imposed by the US and EU on
But the IEA said: "The consensus in the industry seems to be that neither set of sanctions will have any tangible near-term impact on supplies."
He said the Crimean crisis hasn't tempted Russian President
It is the largest oil producer in the world, at over 10 billion barrels equivalent per day or 13% of world supply.
"In the highly unlikely and very small probability that southern exports do get impacted, oil prices are likely to rise sharply, possibly towards
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