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IEA: the raw material oversupply in the oil market will remain until mid-2017

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IEA: the raw material oversupply in the oil market will remain until mid-2017

IEA: the raw material oversupply in the oil market will remain until mid-2017
September 13
14:30 2016

A sudden drop in the growth rate of the global demand for raw materials together with the increase in inventories and deliveries indicate that the oil market will be oversaturated at least over the first half of the next year. Such a statement was made by the International Energy Agency (IEA) on Tuesday.

“Our forecast in the report of this month indicates that the ratio of supply and demand cannot be significantly changed in the coming months. As a result, the supply will continue to outstrip the demand at least over the first half of the next year “, – said the agency.

In the past the IEA made a forecast that the surplus of raw materials in the oil market would come to naught in the second half of 2016.

The report also says that the most leisurely growth of the production volume of the world’s oil refineries is being expected this year for the first time over 10 years. This will limit the demand for oil, although the reserve stocks in the countries of the Organization for Economic Cooperation and Development (OECD) have soared to an unprecedented high of 3,111 billion barrels.

The increase in global demand is being slowed down faster than expected. The IEA has not changed the growth forecast for the next year. It has been remained at around 1.2 million barrels per day. The IEA has also reduced the consumption growth forecast in the current year to 1.3 million barrels per day.

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