50638
IEA: Oil Glut  to Last Until Late 2017
IEA: Oil Glut  to Last Until Late 2017
  1. Energy

IEA: Oil Glut to Last Until Late 2017

  1. Energy

IEA: Oil Glut to Last Until Late 2017

Global oil output will exceed demand until late 2017, the head of International Energy Agency said before major producing nations gather for talks. "We don’t see the oil market rebalancing until late 2017" provided there is no “major intervention”, IEA Executive Director Fatih Birol said on Tuesday in an interview with Bloomberg in Algiers. The Paris-based agency is extending its bearish view after saying on Sept. 13 that oil supply will outpace demand “at least through the first half of next year”. OPEC members will hold informal discussions in the Algerian capital on Wednesday as they seek to buoy prices following two years of decline amid brimming global stockpiles. "Demand growth has been weaker than expected," Birol said. The IEA this month cut its forecast for consumption growth in 2016 and 2017, citing a "marked slowdown" in India and China. The agency, which advises industrialized countries on energy policy, projected demand growth of 1.3 million barrels a day in 2016, down from 1.6 million a day in 2015. Its prediction slips to 1.2 million a day next year.

 

Short URL : https://goo.gl/yGX62U
  1. https://goo.gl/PyMKhT
  • https://goo.gl/1VBhu8
  • https://goo.gl/HKTp1I
  • https://goo.gl/tnPZEq
  • https://goo.gl/JwKomo

You can also read ...

Iran Reiterates Interest in Joint Gas Field With Kuwait
Iran and Kuwait are taking steps to reach an understanding to...
Total ceased operations in Iran in 2010 after more than 20 years.
Oil Minister Bijan Namdar Zanganeh said the National Iranian Oil...
Rosneft, Libya Sign Oil Deal
Rosneft PJSC signed investment and crude-purchasing agreements...
Citigroup Anticipates $70 Oil
Crude oil prices could shoot up to $70 a barrel by the end of...
Riyadh aims to build 700 MW of wind and solar power plants.
Saudi Arabia has kicked off its $50 billion renewable-energy...
Oil Prices Top $57
Oil prices rose more than $1 a barrel on Tuesday after OPEC said...
OPEC Aiming for Higher Supply Cuts
OPEC countries are aiming to boost compliance with agreed oil...
Russia Reduces Oil Output
Russia is cutting down its oil production in February ahead of...

Trending

Googleplus