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Tag: U.S Energy Information Administration

An Increase in the Global Oil Supply and agreement between OPEC and IEA

An Increase in the Global Oil Supply and agreement between OPEC and IEA

The IEA (International Energy Agency) has indicated that global oil stocks may increase swiftly, in spite of the agreement between OPEC and its allies to enhance production cuts. The Agency also said the production for the United States and other non-OPEC countries may experience a significant amount of decline.  The Paris-based agency IEA said in a monthly report that global oil stocks may increase by 700,000 barrels in the 1st quarter of 2020, despite the additional cuts and decreasing expectations…

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Fitch warned about a risk due to closure of Strait of Hormuz

Fitch warned about a risk due to closure of Strait of Hormuz

Fitch has indicated that it has maintained Iraq’s credit rating at B-, a degree of risk and a stable outlook. Fitch issued a statement and warned about the backlashes of the outbreak of antagonistic actions leading to the closure of the Strait of Hormuz. It is due to Iraq lacks other routes of export of oil in the south. Fitch also estimated that the closure of the strait for a month could result in Iraq losing 6.5 billion U.S dollars…

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