IEA Changes View on Oil Glut, Sees Surplus Enduring in 2017 – Bloomberg

The surplus in global oil markets will last for longer than previously thought, persisting into late 2017 as demand growth slumps and supply proves resilient, the International Energy Agency said.

World oil stockpiles will continue to accumulate through 2017, a fourth consecutive year of oversupply, according to the IEA. Consumption growth sagged to a two-year low in the third quarter as demand faltered in China and India, while record output from OPEC’s Gulf members is compounding the glut, it said. Just last month the agency predicted the market would return to equilibrium this year.

Source: IEA Changes View on Oil Glut, Sees Surplus Enduring in 2017 – Bloomberg

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