Oil market ‘almost balanced’ despite rising US supply: IEA

AFP, PARIS: Supply and demand in the oil market are close to matching up, the IEA said yesterday, but rising US supply could mitigate landmark OPEC-led production cuts. In the first quarter of 2017, “the oil market was almost balanced,” the International Energy Agency said in its latest monthly report. “It has taken some time for stocks to reflect lower supply when volumes produced before output cuts by OPEC and eleven non-OPEC countries took effect are still being absorbed by the market,” the report said.
At the end of November, the Organization of Petroleum Exporting Countries (OPEC) agreed to cut output by 1.2 million barrels per day (mb/d) from January 1, initially for a period of six months.
Then in December, non-OPEC producers led by Russia agreed to cut their
own output to 558,000 barrels per day.

Oil market almost balanced despite rising US supply: IEA

AFP, PARIS: Supply and demand in the oil market are close to matching up, the IEA said yesterday, but rising US supply could mitigate landmark OPEC-led production cuts. In the first quarter of 2017, the oil market was almost balanced, the International Energy Agency said in its latest monthly report. It has taken some time for stocks to reflect lower supply when volumes produced before output cuts by OPEC and eleven non-OPEC countries took effect are still being absorbed by the market, the report said. At the end of November, the Organization of Petroleum Exporting Countries (OPEC) agreed to cut output by 1.2 million barrels per day (mb/d) from January 1, initially for a period of six months. Then in December, non-OPEC producers led by Russia agreed to cut their own output to 558,000 barrels per day.