OPEC could still tip next year’s oil deficit into surplus

By Grant Smith on 8/15/2016

LONDON (Bloomberg) -- The re-balancing of oversupplied oil markets is on track as demand climbs and U.S. shale production falters, according to the International Energy Agency.

The oil glut could continue.

The world will face a 560,000 bopd supply deficit in 2017 if OPEC members pump at the same rate as this year, IEA data show.

If Iran and Iraq add just some of the new capacity they’re planning, Libya recoups a fraction of the supplies lost to political conflict and Nigeria restarts oil fields halted by militant attacks, there’ll be an 810,000 bpd excess—a fourth year of oversupply.

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