Less than a month ago, Fatih Birol, head of the International Energy Agency, warned an audience in London that the world was in the grip of the biggest energy crisis in history. Unless conditions improved, he said, oil prices could move into “the red zone” over the summer.
But even as he spoke, the market had come to a different conclusion.
After touching $112 a barrel shortly before Birol’s appearance, benchmark Brent crude began a steady retreat. It had fallen a fifth before the US and Iran announced a preliminary deal last Sunday. Since then it has fallen a further 10 per cent.
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