Flat global demand for oil and the wild card of shale oil development continued to cast long shadows over the global oil market, the International Energy Agency’s Executive Director Maria van der Hoeven said Tuesday. “There is no growth in demand, and that has to do with the global economy,” she told reporters on the sidelines of the World Future Energy Summit in Abu Dhabi. “We do not see that recovering,” she added. Van der Hoeven described the rise of North American shale oil and gas production in recent years as “a game changer” for global energy markets. It was too early to tell whether low oil prices would trigger deflation in advanced economies, but the IEA was monitoring the situation closely, she said. The IEA was also keeping a watch on the impact of falling oil prices on gas markets, she said. […]

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