IEA​: ​Oil Glut​ to Stay to Late 2017​

IEA​: ​Oil Glut​ to Stay to Late 2017​
OCT-2016. According to the International Energy Agency (IEA) the oil glut in global oil markets will last for longer than previously thought, persisting into late 2017 as demand growth slumps and supply proves resilient. “Demand growth is slowing and supply is rising,” adds the IEA, “Consequently, stocks of oil in OECD countries (members of the Organization for Economic Cooperation and Development) are swelling to levels never seen before.” The combination of faltering demand and increased OPEC output pushed oil inventories in developed nations to a record in July, at 3.1 billion barrels. Harry Tchilinguirian, head of commodity markets at BNP Paribas in London, considers that “OPEC’s long game got a little longer, implying the need for oil prices to remain lower for longer to spur the necessary adjustments in supply”. Also with regard to OPEC Olivier Jacob, managing director of the consulting company Petromatrix GmbH in Zug, Switzerland, says that the organization is “trapped” since “Non- OPEC supply has been able to adjust better than expected to the lower oil prices.”
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