Oil prices dip as IEA sees waning compliance with OPEC cuts

13 Jul 2017   Prices

Oil prices fell on Thursday on worries about oversupply as the world’s energy watchdog warned that a long-awaited market rebalancing could be delayed due to weak compliance with production cuts among OPEC members. In its closely watched monthly report, the Paris-based International Energy Agency (IEA) issued a stronger outlook for global oil demand, however, with consumption in Germany and the United States increasing in recent months. Brent crude fell 34 cents to $47.40 a barrel by 0834 GMT and U.S. light crude was down 32 cents at $45.17. Oil prices dropped in recent weeks to levels not seen since November 2016 as investors lost faith in a deal between OPEC and non-OPEC producers to reduce output, while U.S. shale oil production rose sharply. “Each month something […]

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