Supply and demand in the oil market are close to matching up, the IEA said today, but rising US supply could mitigate landmark OPEC-led production cuts. In the first quarter of 2017, "the oil market was almost balanced," the International Energy Agency said in its latest monthly report. The aim was to reduce a glut in global oil supply that had depressed prices. But oil at above USD 50 a barrel has, in turn, attracted higher-cost producers in the United States back to the market, and frantic American drilling will push non-OPEC supply throughout the year, the IEA predicted. "Of course, things will change elsewhere in the balance, and today the most closely watched data point on the supply side is US crude production," the IEA said.
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Oil market re-balancing seen accelerating: IEACommodities 5 hours ago (May 16, 2017 06:31AM ET)Investing.com - The Tuesday said the oil market was almost balanced in the first quarter. Oil market re-balancing seen accelerating: IEARelated Articles "Re-balancing is essentially here, and, in the short-term, is accelerating, the IEA said in its monthly report. The agency said if OPEC output is maintained at 31.8 mb/d in Q2 this would imply a stock draw of 700,000 barrels. But the International Energy Agency said inventories might not have returned to five-year average at the end of the year.
"We think the rebalancing is here and the rebalancing will continue," Neil Atkinson, head of the oil industry and markets division at the IEA, told CNBC on Tuesday. The oil market has essentially reached a balance and will continue to accelerate in the near term, the International Energy Agency (IEA) said in its monthly report published Tuesday, just nine days before OPEC's much anticipated ministerial meeting. Global oil markets are on course to reach a supply-demand balance in 2017, the IEA said, with supply deficits expected to pick up speed in the near term. "In the first quarter of 2017, we might not have seen a resounding return to deficits but this report confirms our recent message that re-balancing is essentially here and, in the short term at least, is accelerating," the IEA report added. According to the IEA's monthly report, global demand growth is poised to fall for a second consecutive year as a result of subdued gains.
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Oil market re-balancing seen accelerating: IEA By Investing.com
Oil market re-balancing seen accelerating: IEACommodities 5 hours ago (May 16, 2017 06:31AM ET)Investing.com - The Tuesday said the oil market was almost balanced in the first quarter. Oil market re-balancing seen accelerating: IEARelated Articles "Re-balancing is essentially here, and, in the short-term, is accelerating, the IEA said in its monthly report. The agency said if OPEC output is maintained at 31.8 mb/d in Q2 this would imply a stock draw of 700,000 barrels. But the International Energy Agency said inventories might not have returned to five-year average at the end of the year.
Oil market re-balancing is essentially here, IEA says
"We think the rebalancing is here and the rebalancing will continue," Neil Atkinson, head of the oil industry and markets division at the IEA, told CNBC on Tuesday. The oil market has essentially reached a balance and will continue to accelerate in the near term, the International Energy Agency (IEA) said in its monthly report published Tuesday, just nine days before OPEC's much anticipated ministerial meeting. Global oil markets are on course to reach a supply-demand balance in 2017, the IEA said, with supply deficits expected to pick up speed in the near term. "In the first quarter of 2017, we might not have seen a resounding return to deficits but this report confirms our recent message that re-balancing is essentially here and, in the short term at least, is accelerating," the IEA report added. According to the IEA's monthly report, global demand growth is poised to fall for a second consecutive year as a result of subdued gains.
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