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IEA's Birol says oil market is entering "unprecedented" time of uncertainty

IEA's Birol says oil market is entering "unprecedented" time of uncertainty

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Justin Low
20/11/2018 | 08:45 GMT

Comments by IEA chief Fatih Birol

Well, with US continuing to look to threaten Saudi Arabia and Russia's market share in the global oil dominance, I reckon in that sense it's a new landscape for oil and that presents uncertainty with regards to how OPEC+ will deal with that.

Production cuts may help to keep oil prices underpinned to some extent. However, they will be sacrificing market share as a result and in the long-run, that's not a favourable strategy that Saudi or Russia will be willing to play.

Oil prices remain rather rangy over the past week after having slumped to its lowest levels in a year. WTI now trades back close to the $57 handle awaiting for a fresh break with the OPEC+ meeting in Vienna set to come into focus over the coming weeks.

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