The recent spike in oil should ease in the near term, according to the International Energy Agency’s (IEA) latest monthly report, but there could be a large supply gap late next year if the Organization of Petroleum Exporting Countries (OPEC), year as oil demand will grow steadily thanks to a solid global economy.

The fact that the recent spike in oil prices should ease is a good thing, according to the Paris-based organization, given the concerns that surging oil prices could crimp global economic growth.

“Prices are unlikely to increase as sharply as they did from mid-2017 onwards and thus the dampening effect on demand will be reduced,” the IEA said in its latest monthly report.

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