Oil glut to ease by 2017… IEA’s Birol via Reuters

September 1, 2016 by Jim Colburn Leave a Comment

Speaking in South Korea, Fatih Birol reiterates the IEA view of a balanced market in 2017:

“In a separate interview with Reuters after the statement was released, Birol said he saw two drivers for the rebalancing of the oil market.

The first is a drop in production from countries outside of the Organisation of the Petroleum Exporting Countries (OPEC) of about 900,000 barrels per day (bpd), especially in the United States in 2016. The second is “demand that is growing in a healthy way” and that the IEA expects to climb by 1.4 million bpd this year.

“We may be on a higher side compared to others (forecasts), this is mainly because we’re more upbeat when it comes to Europe and emerging Asia demand in demand growth,” he said.”

Here is the link: http://www.reuters.com/article/oil-outlook-iea-idUSL3N1BD3SK

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