By November 14, 2017 0 Comments Read More →

Don’t buy the tight-market hype, IEA says

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Unless OPEC agrees to cut more production, output from non-member states will leave the market in surplus and limit the rally in oil prices, the IEA said.

Some ministers for the Organization of Petroleum Exporting Countries said an extension of an agreement that sidelines about 2 percent of the total global demand for oil in an effort to balance the market was necessary next year.

Saudi Crown Prince Mohammed bin Salman said in October that the deal was working and demand was moving closer to the level of supply, but extraordinary action was needed for further rebalancing. The effort, which started in January, is credited with pulling the price of oil back from the sub-$30 per barrel range last year to two-year highs in recent sessions…

 

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