IEA says oil market may rebalance faster if OPEC sticks to target
Global oil supply could fall into line more quickly with demand if OPEC and Russia agree to a steep enough cut in production, but it is unclear how rapidly this might happen until more details emerge, the International Energy Agency said on Tuesday.
OPEC, led by Saudi Arabia, agreed last month to cut production to around 32.5 to 33 million barrels per day (bpd) and Russia has signaled it is ready to join in any effort to temper supply and shrink a stubborn global surplus of unwanted crude.
The IEA said in its August report it expected world oil demand to grow at a rate of 1.2 million bpd... read more
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