Global oil oversupply to persist in 2016, says IEA

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By Euronews
Global oil oversupply to persist in 2016, says IEA

<p>The global oversupply of oil will persist through next year, according to the International Energy Agency, as growth in demand slows and <span class="caps">OPEC</span> producers maintain high output.</p> <p>The <span class="caps">IEA</span>’s forecast takes into consideration the curbing of supply outside <span class="caps">OPEC</span> due to low prices.</p> <p>Its monthly report predicts oil demand will rise by over 1.2 million barrels a day – 150,000 down from last month’s forecast.</p> <p>The Paris-based agency which advises industrialised nations on energy policy adds that the anticipated arrival of barrels from Iran – if international sanctions are eased – are likely to keep the market oversupplied.</p>