oil glut to last until mid2017 unless opec cuts output
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Oil glut to last until mid-2017 unless OPEC cuts output

Arab Today, arab today

Arab Today, arab today Oil glut to last until mid-2017 unless OPEC cuts output

The oil price has recovered steadily since OPEC said
Paris - AFP

A massive oil glut may weigh on world markets deep into next year unless the OPEC producer cartel makes good on its promise to cut output, the International Energy Agency (IEA) said on Tuesday.

The oil price has recovered steadily since OPEC said last month that it would reduce production, with details to be hammered out at the cartel's November meeting, and such a deal would "speed up the process" of working off global oil inventories, the IEA said in its monthly report.

"Even with tentative signs that bulging inventories are starting to decline, our supply-demand outlook suggests that the market -- if left to its own devices -- may remain in oversupply through the first half of next year," the IEA said.

"If OPEC sticks to its new target, the market's rebalancing could come faster," it said.

Initially greeted with scepticism among analysts, OPEC's agreement to cut output has gained traction in the oil market, with the IEA noting that the oil price has risen by 15 percent since the cartel's announcement on September 28.

Oil prices rose to their highest level in several months after Russian President Vladimir Putin said Monday that his country, not a member of the cartel, was ready to align with OPEC's push to limit oil output.

In morning European trade Tuesday, both WTI and Brent held well above the key $50 (45 euro) level per barrel, at $51.31 and $53.04, respectively.

"The waiting game is over," the IEA said. "OPEC has effectively abandoned its free market policy set in train nearly two years ago."

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

oil glut to last until mid2017 unless opec cuts output oil glut to last until mid2017 unless opec cuts output

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

oil glut to last until mid2017 unless opec cuts output oil glut to last until mid2017 unless opec cuts output

 



GMT 23:24 2017 Tuesday ,24 January

Mofida Shiha prefers social TV programs to politics

GMT 21:23 2017 Sunday ,13 August

Fierce clashes between Daesh, SDF in Raqqah

GMT 19:31 2017 Monday ,16 October

Azhar Imam, Mufti to inaugurate international Fatwa

GMT 18:33 2017 Tuesday ,28 March

S. Korea Preparing for N. Korean ICBM Launch

GMT 23:39 2017 Tuesday ,19 September

Iran recruits Afghans, Pakistanis to fight in Syria

GMT 03:51 2017 Saturday ,11 November

'Lazarus' Daly says recovery no miracle

GMT 13:30 2017 Friday ,17 February

Four killed in Kashmir Gun battle

GMT 18:51 2017 Friday ,17 November

FIA WEC Bapco 6 Hours of Bahrain weekend starts
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday