International Energy: Oil prices may decline more due to China’s slowdown

Fateh Birol, CEO of the International Energy Agency, said that oil prices may decrease more during the current year with the increasing new supplies, and the continued weak demand as a result of slowing growth in China.

Despite the recovery of future oil contracts in the past two weeks to trade near $ 68 a barrel in London, they are still 9% less compared to the levels it recorded before President Donald Trump announced a package of customs duties on China and other countries on April 2.

“We see slow demand for demand inside the markets, mainly due to what is happening in China.”

He added: “If there are no other surprises, we may expect further pressure on oil prices.”