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IEA sees global oil market returning to surplus in early 2017

Published 2016-06-14, 04:00 a/m
© Reuters. IEA sees global oil market returning to surplus in early 2017

LONDON, June 14 (Reuters) - Global oil supply and demand
appear to be balancing in 2016, after a series of unplanned
production outages, but the market is expected to return to a
surplus in the first half of next year, the International Energy
Agency said on Tuesday.
The agency said demand growth in 2017 is likely to be flat
at around 1.3 million barrels per day (bpd), which is where it
now estimates growth will be this year.
"Again, on the planning assumption that OPEC oil production
grows modestly in 2017, we expect to see global oil stocks build
slightly in the first half of 2017 before falling slightly more
in the second half of 2017. For the year as a whole, there will
be a very small stock draw of 0.1 million bpd," the IEA said in
its monthly report.

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