Global oil markets ‘heading towards balance’: IEA


Global oil markets are heading towards a long-awaited equilibrium, according to updated supply and demand data from the International Energy Agency (IEA).

The IEA said in its latest oil market report on Thursday that a rebalancing of supply and demand was starting to become evident from the existing supply and demand data which showed that global oil supply was starting to look more measured. Demand was resilient and a surplus of oil could start to shrink later this year, it added.

“Global oil supplies rose 250,000 barrels a day in April to 96.2 million barrels a day (mb/d) as higher OPEC output more than offset deepening non-OPEC declines,” the IEA said in its monthly report.–CNBC

Author: Rayan M

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