Oil prices fell on Tuesday morning in Asia, where Saudi Arabia and Russia pledged to raise crude output, easing market fears over the looming sanctions on Iran, which began in November. Saudi Arabia pledged earlier this month to raise oil production to offset the drop in Iranian exports expected to be caused by US sanctions. The sanctions are due to take effect on Nov. 4.

IEA: Despite the slowdown, fuel consumption to grow

In the same context on production concerns, the International Energy Agency (IAEA) chief executive Fatih Birol said that despite a possible slowdown, fuel consumption would continue to grow. “The current account deficit in many countries is affected by highOil prices,” he said at the Singapore International Energy Week.

The agency’s executive director noted that high prices directly linked to consumer prices in many countries and slowing economic growth were “the downward pressure on global demand for oil,” adding that the need for oil would continue to grow. “Even in the midst of the rise of electric cars because they are controlled by petrochemicals, aviation and others.”

 Perul told the audience. Energy Conference While liquid natural gas is growing three times the rate of global demand for gas, solar energy (a system that converts light directly into electricity) is “on track to be the cheapest source of new electricity in many countries”.

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