Oil prices are under downward pressure and have been immune to geopolitical risk due to a market awash with crude and the impact of the coronavirus on demand, the International Energy Agency’s Executive Director Fatih Birol said on Tuesday. Speaking at IP Week in London, Birol highlighted an “abundance of oil” as keeping Brent prices close to $60/b despite huge losses of supply from sanctions-hit Venezuela, and Iran and civil war-wracked Libya along with the attacks on Saudi Arabian oil facilities in September. “If only one of these incidents, geopolitical tensions, had happened a few years ago we would have seen oil prices skyrocket,” Birol said, pointing to the […]