OPEC is said to see oil inventory glut finally gone in one year

Major oil inventories will be reduced significantly in one year, expects OPEC, according to sources with insight into internal forecasts of the organization.

OPEC expects its efforts to clear the surplus in oil inventories to finally succeed by the end of the third quarter of next year, said people familiar with the group's internal forecasts.

The Organization of Petroleum Exporting Countries and allies including Russia have been cutting oil production this year to bring fuel inventories in industrialized nations back in line with the five-year average. They hope to end an unprecedented build-up that sent prices plunging from above USD 100 a barrel in 2014 to around USD 50 currently, but the process has taken longer than expected and the deal has already been extended beyond its initial June expiry.

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