IEA: Oil market approaching equilibrium

The oil market faces improved prospects, and next year may bring a sound balance between consumption and production, according to a forecast from the International Energy Agency (IEA).

Photo: Royal Dutch Shell PR

The International Energy Agency (IEA) now points to improved prospects for the oil market, noting that next year could bring a sound balance between consumption and output.

Already at this point, oil oversupply is smaller than initially projected, says a new IEA report for June according to Bloomberg News.

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