Europe will be the battleground between producers of sour crude grades, including Russia, Iraq, Saudi Arabia and Iran, as the Asian market becomes more “crowded,” the Paris-based IEA said in its monthly report.
If crude prices don’t bounce back by the end of the decade, an era of cheap oil could consolidate more oil-market power into the hands of a few low-cost producers in the Middle East – raising concerns about energy security for oil-importing nations, the IEA says.
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