12.08.2016 - IEA: 'Massive' stock overhang is capping oil price
The International Energy Agency on Thursday trimmed its forecast for the rise in global oil demand next year on a dimmer economic outlook, warning that the "massive" stock overhang is keeping a lid on crude oil prices. In its closely watched monthly oil market report, the Paris-based energy watchdog said it expects global oil demand to grow by 1.2 million barrels a day in 2017, a decrease of 100,000 barrels a day compared with last month's forecast and down by 200,000 barrels a day from this year. "Some momentum will be lost in 2017 due to downgrades in economic growth projections, but the forecast expansion of 1.2 million b/d is still above-trend," it said in the report...............................................Full Article: Source
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