Oil Market to Rebalance in Second Half of 2017, says IEA Director.
Reuters. The global oil market is expected to rebalance in the second half of 2017, but further output increases among key producers such as Nigeria and Libya could hamper this process, International Energy Agency chief Fatih Birol said on Tuesday. He said some key producers including Libya and Nigeria had significantly increased output in recent months. "In the current context we see the market rebalancing in the second half of the year. But if production increases in some of the key producers this may change the picture," Birol told Reuters on the sidelines of an Energy Institute event.
IEA opinion on oil supply
IEA opinion on oil supply
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: IEA opinion on oil supply
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Russia will oppose any attempts to deepen the oil production cuts currently in effect in OPEC and 11 other oil producers, according to four government officials who spoke to Bloomberg. One of the sources said that deepening the cuts would be unwise, giving the impression that OPEC and its partners in the deal are uncertain about its effectiveness in reducing global supplies.
In other words, a deeper cut might pressure prices further instead of supporting them.
Another of the sources, which spoke on condition of anonymity, said that Russia is also against any further extension of the deal because such an extension will only make oil markets more volatile after it expires, when everyone returns to their normal output rates.
Russia will oppose any attempts to deepen the oil production cuts currently in effect in OPEC and 11 other oil producers, according to four government officials who spoke to Bloomberg. One of the sources said that deepening the cuts would be unwise, giving the impression that OPEC and its partners in the deal are uncertain about its effectiveness in reducing global supplies.
In other words, a deeper cut might pressure prices further instead of supporting them.
Another of the sources, which spoke on condition of anonymity, said that Russia is also against any further extension of the deal because such an extension will only make oil markets more volatile after it expires, when everyone returns to their normal output rates.