IEA Says Oil Prices Will Not Jump Sharply, Despite OPEC Supply Cuts

31 Mar 2017   IEA, Prices

The International Energy Agency (IEA) does not expect a major increase in global oil prices despite efforts by OPEC and non-OPEC members to reduce output, its executive director Fatih Birol told Reuters. OPEC and 11 other producers including Russia agreed in December to cut their combined output by almost 1.8 million barrels per day (bpd) in the first half of the year in an effort to eradicate a stubborn supply glut and boost prices. That agreement, which provided an initial boost to crude prices, could be extended for six months, but Birol does not believe that prices would receive a significant boost. “There is a tremendous amount of stock in the markets and to […]

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