Oil-Freeze Deal Would Have Limited Impact on Market, Says IEA… WSJ

April 14, 2016 by Jim Colburn Leave a Comment

Agreed!

“But in its closely watched oil-market report, the International Energy Agency said “any deal struck will not materially impact the global supply-demand balance” during the first half of 2016.

For one, “Saudi Arabia and Russia are already producing at or near record rates,” said the Paris-based agency, which advises some of the world’s largest energy consumers.””

“As a result of declining non-OPEC supply and still robust demand, a big build-up of oil stocks will fall with annual gains shrinking to 0.2 million barrels a day in both the third and the fourth quarter, compared with 1.5 million barrels a day in the first half of 2016.”

Note that the IEA is looking for a tighter 2nd half of 2016 than the EIA…

Here is the link (http://www.wsj.com/articles/a-doha-oil-freeze-deal-wont-change-market-amid-easing-surplus-says-iea-1460620907)

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