IEA sees oil markets slowly tightening after months of oversupply

August 11, 2016 9:09 AM

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IEA sees oil markets slowly tightening after months of oversupply

MOSCOW Oil markets will begin to tighten in the second half of 2016 but at a slow pace as global demand growth declines and non-OPEC supplies rebound, the International Energy Agency said on Thursday.

The IEA, in its monthly report, forecast a healthy draw in global oil stocks in the next few months that would help ease a glut that has persisted since 2014 on the back of rising OPEC and non-OPEC supply.

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