IEA suggests need for policy intervention in energy use

Strong energy policy intervention could reduce the risk of the global economic recovery collapsing, according to the International Energy Agency, given critically low global oil supplies. The picture for oil markets has rarely been more obscure. The macroeconomic outlook is deteriorating and there are lingering supply-side uncertainties, affecting market confidence. Since early June, benchmark crude oil futures have lost more than $20/bbl and are trading below $100/barrel at the time of writing.