A global oil glut that has hurt producers but means cheaper pump prices for consumers looks set to go on at least six months longer than previously thought, the International Energy Agency said on Tuesday.
Oil markets will begin to tighten in the second half of 2016 but the process will be slow and painful as global demand growth declines and non-Opec supplies rebound, the International Energy Agency said on Thursday.
The global glut in oil is refusing to ease and acts as a major dampener on crude prices despite robust demand growth and steep declines in non-Opec production, the International Energy Agency said on Wednesday.
A global oil glut that has sent prices tumbling is set to "shrink dramatically" later this year, as wildfires have disrupted Canada's output and demand in India soars, the International Energy Agency (IEA) said.
A deal to freeze oil production by Opec and non-Opec producers will have a limited impact on global supply and markets are unlikely to rebalance before 2017, the International Energy Agency (IEA) said.
A deal among some Opec producers and Russia to freeze production is perhaps "meaningless" as Saudi Arabia is the only country with the ability to increase output, a senior IEA executive said.
Brent crude was on track for its third weekly gain on Friday, supported by an optimistic report from the International Energy Agency and a weaker dollar, which makes fuel cheaper for importers using other currencies.
Oil prices recovered on Monday after sharp falls the previous session, with US crude back above $30 a barrel as traders mulled the impact of a potential output freeze by key producers.
The world will store unwanted oil for most of 2016 as declines in US output take time and Opec is unlikely to cut a deal with other producers to reduce ballooning output, the International Energy Agency said.
