IEA CEO: Oil supply to exceed demand until late 2017
IEA had earlier announced on September 13 that they were expecting oil supply to outpace demand ‘at least through the first half of 2017’. The agency now extended their bearish view on demand. In an interview with Bloomberg Television in Algeria, Fatih Birol was quoted as saying, “We don’t see the market rebalancing until late 2017.” This assumed no major intervention in the market. He also added that oil-demand growth has been weaker than expected.
In line with these statements, IEA reduced its forecast on consumption growth for 2016 and 2017 due to a slowdown in China and India. Its demand growth forecast decreased to 1.2 million barrels per day (bpd) for 2017 from 1.3 million barrels per day of 2016. The 2016 figure is down from earlier projections of 1.6 million a day.
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