MTECHTIPS:-Oil market to remain oversupplied until late 2016: IEA
MTECHTIPS:-Oil market to remain oversupplied until late 2016: IEA
Unseasonably warm weather and rising supply will keep the market oversupplied until at least late 2016, the International Energy Agency said Tuesday. The agency, which advises industrialized countries on energy policy, said oil prices could fall below current levels. "While the pace of stock building eases in the second half of the year as supply from non-OPEC producers falls, unless something changes, the oil market could drown in oversupply," the IEA said. Global oil demand fell to a one-year low in the fourth quarter of 2015, the IEA added, due to mild weather. Oil prices have fallen to their lowest level since late 2003, tumbling below $30 a barrel, after OPEC said in December it would not cut output to arrest the price slide despite global oversupply.
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