The International Energy Agency’s recasting of oil supply and demand point to volatility, inexact science of commodities. Developing countries’ growth is at its lowest rate in more than a decade. A strong U.S. dollar vexes importers and pressures oil demand. And China, the long-time driver of global demand isn’t living up to expectations. All of which leaves the world awash in an oversupply of cheap oil whose prices apparently have nowhere to go but down, according to the International Energy Agency’s January oil market report. The agency revised oil demand expectations down for the fourth quarter 2015 by 300,000 barrels per day (bpd) and another 100,000 bpd for the first quarter 2016. Supply from countries not operating within the Organization of Petroleum Exporting Countries (OPEC) is now projected to decline by 400,000 bpd at the end of 2015, and by 300,000 bpd at the beginning of 2016. “In the […]