50638
IEA: Oil Glut  to Last Until Late 2017
IEA: Oil Glut  to Last Until Late 2017

IEA: Oil Glut to Last Until Late 2017

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 ...

Iranian crude output is rapidly decreasing because of belated investments.
Iran will not settle for any agreement that may compromise its...
Petrobras Explores Caspian Sea Energy Opportunities
Brazil's state-run oil company Petrobras is willing to expand...
Essar Raises Venezuela Oil Imports at Iran's Expense
Indian private refiner Essar Oil's imports from Iran fell by...
Iran began to extract crude oil from South Pars in March.
Iran has drawn over 3.1 million barrels of crude oil from the...
India to Buy Stake in  UAE Oilfield
Indian oil companies could acquire up to 20% of an oilfield...
The statements are another sign that the business community holds different views from US President Donald Trump on climate.
Morgan Stanley and Citigroup Inc. announced they will get all...
OPEC Winning Battle  to Curb Oil Glut
Output cuts by OPEC and other oil producers are clearing a...

Trending

Googleplus