IEA projects oil flood far into 2016

The abundance of oil on the global markets will continue in 2016, projects the International Energy Agency in a new analysis.

Photo: COSL

The massive global supply of oil helping to push prices down will continue to flood the market far into 2016, reports Bloomberg on the basis of a monthly report from the International Energy Agency, IEA, in Paris.

Even though supply and demand are slowly etching toward equilibrium on the global market, there will still be a significant surplus of oil one year into the future. In spite of the growth in oil consumption doubling this year, and a wobbly influx of oil to the market, the amount of oil is still sufficiently huge to put pressure on capacity at storages.

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