IEA Changes View on Oil Glut, Sees Surplus Enduring in 2017

September 13, 2016 10:49 AM

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The surplus in global oil markets will last for longer than previously thought, persisting into late 2017 as demand growth slumps and supply proves resilient, the International Energy Agency said.

World oil stockpiles will continue to accumulate through 2017, a fourth consecutive year of oversupply, according to the IEA. Consumption growth sagged to a two-year low in the third quarter as demand faltered in China and India, while record output from OPEC’s Gulf members is compounding the glut, ...

Also read: OPEC, non-OPEC agree to their first global oil pact since 2001

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