IEA’s Birol sees major risk of oil supply crisis in Venezuela

The International Energy Agency (IEA) Executive Director Faith Birol was reported by Reuters as saying that the oil market is now 'much more balanced'.

Additional Points:

Oil's gain has been enforced by developments in the Middle East and Venezuela.

Sees major risk of oil supply crisis in Venezuela.

If oil prices stick, the shale wave may be bigger than thought.

China is entering global gas markets as a 'giant importer'.

Higher oil prices may not be totally desirable for producers.

Higher oil prices could weaken demand growth globally.