Oil market rebalancing needs ‘much work’, says IEA:
"Drastic Opec-led production cuts have helped accelerate the oil market recovery but “much work remains” to drain excess inventories, the International Energy Agency said on Tuesday. The deal among some of the world’s biggest producers to curb supply may not dent stubbornly high stockpiles as much as Opec would like in 2017, the energy body said, just as output growth from US shale producers and others exceeds expectations. “It has taken some time for stocks to reflect lower supply when volumes produced before output cuts by Opec and eleven non-Opec countries took effect are still being absorbed by the market,” said the IEA in its monthly oil market report."
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