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Oil markets will come back into balance by 2017:IEA

by ChemOrbis Editorial Team - content@chemorbis.com
  • 22/04/2016 (11:09)
According to media reports, the executive director of the International Energy Agency (IEA), Fatih Birol, reported that oil markets will rebalance by 2017 as the market gradually adjusts to higher supply levels. According to him, oil investments were dragged down by about 40% on the back of plunging oil prices over the past two years, especially in the US, Canada, Latin America and Russia.

Birol said Iran’s crude oil exports could rise by half a million barrels per day this year following the removal of sanctions as Iran is determined to increase its production to pre-sanctions level in spite of low prices. Meanwhile, he expects non-OPEC oil supply to contract by almost 700,000 barrels per day, indicating the largest decline in non-OPEC supply for the past 25 years.
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