Oil glut forecasted into 2017 as demand in Asia is ‘wobbly’

September 13, 2016 2:11 PM

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Oil glut forecasted into 2017 as demand in Asia is ‘wobbly’

The much-anticipated rebalancing of oil markets appears to be a bit further away after the International Energy Agency revised its forecast, trimming its expectations for the growth in oil demand and citing near-record production by OPEC’s Middle East exporters.

The IEA said Tuesday that global oil demand is rising at a slower pace than expected, lowering its forecast by 100,000 barrels a day to an increase of 1.3 million barrels a day in 2016 and 1.2 million barrels a day in 2017. The price of the benchmark West Texas Intermediate grade of crude oil fell a...

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