IEA: Subdued demand means relatively oversupplied oil market

22 Sep 2017   IEA, Oil Supply

Despite multilateral efforts to balance the oil market with managed production cuts, the situation in general still favors the supply side, the IEA said. The Organization of Petroleum Exporting Countries in January started implementing an arrangement to sideline the equivalent of about 2 percent of the world’s demand for oil in an effort to draw on the five-year level of crude oil held in global stockpiles. Parties to a committee monitoring the impacts of the agreement meet later this month, after already extending the original terms by another three months earlier this year. Commentary from the International Energy Agency, published late Wednesday , said long-term trends matter when looking for signs of balance. […]

Comments are closed.