‘Much work remains’ to drain excess oil inventories – IEA

‘Much work remains’ to drain excess oil inventories – IEA:

"Global oil market supply and demand is moving into balance but “much work remains” to drain excess inventories, the International Energy Agency said on Tuesday. Despite drastic cuts to Opec supply, as part of a global deal to curb output, stockpiles by the end of 2017 might still not fall to levels targeted by the group, the energy body said. The IEA’s forecasts echo those by Opec’s own research arm that show production cuts by global producers may not be enough to severely dent stubbornly high inventories and raise demand significantly for the cartel’s crude."



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