Move to revamp oil market

Dhaka,  Wed,  23 August 2017
Published : 17 May 2017, 14:27:58

Move to revamp oil market

Move to revamp oil market
Although the oil market rebalancing is “accelerating”, and stock draws are taking place, to reach the five-year average levels that Opec is targeting “much work remains to be done in the second half of 2017”, the the International Energy Agency (IEA) said.

The forecasts echo those by Opec’s own research arm, indicating the challenge global producers face in tackling bloated inventories and bringing to an end the worst oil crash in a generation, according to a global media report Wednesday.

The data provide the backdrop to next week’s Opec ministerial meeting in Vienna, when it is expected producer countries will intensify the push to reduce excess inventories.

The group’s de facto leader Saudi Arabia, and Russia, which is also part of the supply cut deal, on Monday said they backed extending the agreement until March 2018. 

Some analysts went further than the IEA, saying they forecast rising stocks well into next year unless Opec production cuts are not just extended, but “potentially increased through the whole of 2018”.

Oil prices have erased almost all their gains since the accord between global producers late last year, putting oil economies under greater pressure. 

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