Oil prices could rally next year as sanctions squeeze Russian supplies and demand beats earlier expectations, the International Energy Agency said.
Russia’s output — which defied the agency’s previous predictions of collapse this year — is poised to plunge 14% by the end of the first quarter, the Paris-based IEA said in a report on Wednesday. If that forecasts holds true, it could reverse the recent trend in oil futures, which have retreated to $80 a barrel in London after their worst weekly slump in four months.
