Geopolitical factor growing concern to global energy market: IEA

Geopolitical issue is becoming an increasing concern over Global Energy market, according to an Energy outlook released by International Energy Agency (IEA) on Monday.

The outlook of "Oil 2019: Analysis Forecast to 2024" focused on the agency's expectations of Energy markets for the next five years and include implications for the Global economy and geopolitics.

The IEA saw a growing role of geopolitics in the oil markets, IEA Executive Director Fatih Birol told reporters at the CERAWeek by IHS Markit that kicked off on Monday in Houston in the U.S. state of Texas. "We are seeing that geopolitical concerns casting an increasing shadow on the oil markets today and tomorrow."

He said that the developments in Venezuela, Iran, Libya and other areas are discussed as much as the price, investments, demand and technology.

"This is something of concern to Intentional Energy Agency as we wanted to see oil markets is only an oil market," he said, adding that this situation was rarely emphasized by his agency in the past.

CERAWeek is an annual Energy meeting held by the London-based information company IHS Markit featuring prominent speakers from Energy, technology and financial sectors. This year's meeting was attended by more than 4,500 guests from over 70 countries and regions.

There is a special dialogue on China as well as several discussions designed to focus on Asian and Chinese Energy market since China has become one of the largest Energy consumption economies in the world. Chinese industry leaders, including China National Petroleum Corporation, Sinopec and Shanghai Petroleum, participate in the discussions.