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Surplus: Oil glut to last until mid-2017, says IEA

Posted on 13 October 2016

A massive oil glut may weigh on world markets deep into next year unless the OPEC producer cartel makes good on its promise to cut output, the International Energy Agency (IEA) said. The oil price has recovered steadily since OPEC said last month that it would reduce production, with details to be hammered out at the cartel’s November meeting, and such a deal would “speed up the process” of working off global oil inventories, the IEA said in its monthly report.
“Even with tentative signs that bulging inventories are starting to decline, our supply-demand outlook suggests that the market- if left to its own devices- may remain in oversupply through the first half of next year,” the IEA said……………………………………..Full Article: Source


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