Name: Oil market re-balancing seen accelerating: IEA
Uploaded: 2017-05-16T10:31:52+00:00
Description: Oil market re-balancing seen accelerating: IEA

Oil market re-balancing seen accelerating: IEA

Commodities May 16, 2017 06:31AM ET

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Investing.com - The IEA Tuesday said the oil market was almost balanced in the first quarter.
"Re-balancing is essentially here, and, in the short-term, is accelerating, the IEA said in its monthly report.
The agency said if OPEC output is maintained at 31.8 mb/d in Q2 this would imply a stock draw of 700,000 barrels.
But the International Energy Agency said inventories might not have returned to five-year average at the end of the year.
Saudi Arabia and Russia Monday backed a 9-month extension of an output cut deal to March next year.
A decision on the possible extension is expected at a meeting on May 25.
OPEC and non-OPEC producers have agreed to cut output by 1.8 mb/d in the first half.
The IEA noted increased output by the U.S. and possible higher production by Libya and Nigeria:
The Paris-based agency left its demand growth forecast for this year unchanged at 1.3 mb/d.
Brent crude was up 0.25% at $51.95 at 06:00 ET.

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Comments (1)

Brad Smith May 16, 2017 4:11PM ET

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Libya increase in production is less predictable and depends solely on stability in the region. There is still an ongoing conflict over there so there are no guarantees to any particular outcome. As the oil price firms up, the US production will likely continue to see increase as there is still quite a bit of room to grow here.

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