IEA: Output freeze will have limited impact on oil surplus
According to the IEA, even though the US lowered its oil production and Iran did not increase output as much as expected, oil stocks will keep increasing in 2016. The IEA said that the supply-demand balance is not likely to be restored soon as Saudi Arabia and Russia consistently produce at record rates in the face of an already stockpiled market.
Oil prices fell to as low as $27/barrel owing to excessive production from OPEC and US. However, increasing production outages in the US and a deal to freeze global production supported prices to move above $40/barrel recently.
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