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Tuesday, 13 December 2016

IEA predicts oil glut will end if producers deliver deal

IEA predicts oil glut will end if producers deliver deal:
"Demand for oil will outstrip supply in the next six months as long as Opec and countries outside the cartel can implement a deal signed over the weekend to lower output, according to one of the world’s leading energy forecasters.

The International Energy Agency said the planned production cuts, which add up to 1.8m barrels a day, could reduce stockpiles by as much as 600,000 b/d over in the first half of 2017 if all of the signatories deliver their pledges.

“Success means the reinforcement of prices and revenue stability for producers after two difficult years; failure risks starting a fourth year of stock builds and a possible return to lower prices,” the Paris-based global energy advisory body said in a report on Tuesday."

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