Oil prices fell back from their highs earlier this week after the Forties outage, as the IEA dashed hopes of continued bullish momentum when it reported that the global supply surplus could return in 2018. Inventory surplus shrinks. OPEC said that the global surplus in oil inventories dropped to 130 million barrels above the five-year average in November, down sharply from 154 million barrels the month before. “We are beginning to see a return to stable markets,” OPEC Secretary-General Mohammad Barkindo said . “Something that has eluded us for several years.” There are growing expectations that OPEC will need to offer details of an exit strategy at its June 2018 meeting. IEA: Inventory surplus to return . The IEA published a bearish report this week. The headline […]