IEA says global oil market now close to balance

14 Apr 2017   IEA, Oil Supply

The global oil market is close to balance, after nearly three years of excess supply, as production cuts by top exporters offset a longer-term decline in demand in the richest nations, the International Energy Agency said on Thursday. The agency said oil stocks across the Organisation for Economic Cooperation and Development (OECD) fell by 17.2 million barrels in March, resulting in an increase of 38.5 million barrels, or 425,000 barrels per day (bpd), in the first three months of the year. “The net result is that global stocks might have marginally increased in the first quarter, versus an implied draw of about 0.2 million barrels per day,” the Paris-based IEA said. “It can be argued confidently that the market is already very close to balance, and as more data becomes […]

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