The balance of supply and demand in global oil markets may soon change as a result of OPEC’s decision to cut production, International Energy Agency chief Fatih Birol said on Tuesday. “We had been expecting before the OPEC meeting a rebalancing of the market towards the end of 2017, but with this decision it implemented we may well see it happen significantly earlier,” Birol told Reuters on the sidelines of an industry conference. (Reporting by Stine Jacobsen, editing by Terje Solsvik)

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