Lower oil prices forecast for 2017: Will OPEC take action?

September 13, 2016 2:11 PM

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Lower oil prices forecast for 2017: Will OPEC take action?

In a reversal of last month's outlook, the IEA now sees the oil glut persisting in 2017, the fourth straight year. What does this mean for producers and consumers?

The International Energy Agency reversed its forecast for global oil on Tuesday. While last month’s report indicated that there would be no global oil surplus in 2017, Tuesday’s assessment projected that the oil surplus would continue for a fourth straight year.

Also read: The OPEC Oil Deal Sells Fake News for Real Money

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