22.04.2016 - Oversupplied oil market to rebalance by next year, says IEA
International Energy Agency expects production outside Opec cartel to fall sharply this year. The International Energy Agency (IEA) said it expects the oversupplied oil market to rebalance by next year, as non-Opec production records its biggest decline in a generation. An oil glut has prompted a slump in crude prices from a peak of $115 (£80) a barrel in June 2014, but the IEA executive director, Fatih Birol, said on Thursday that production outside tOpec would fall sharply this year, by almost 700,000 barrels a day. He expects oil markets, and prices, to rebalance at the turn of this year, or by 2017 at the latest...............................................Full Article: Source
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