| Story Views | |
| Now: | |
| Last Hour: | |
| Last 24 Hours: | |
| Total: | |
Global oil supply glut to 'shrink dramatically' this year
PARIS — 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 on Thursday.
Demand for oil worldwide is set to grow at a “solid” rate in 2016, with India the “star performer” after making up nearly 30% of the global increase in demand in the first quarter of the year, the IEA said.
“This provides further support for the argument that India is taking over from the China as the main growth market for oil,” the 29-nation IEA said in its closely watched monthly report.
The oil market has for months been depressed by vast oversupply, badly hurting producers but meaning lower prices at the pump for consumers.
Oil prices surged to six-month highs this week and are well over $46 a barrel after plummeting below $30 early in the year. They are nevertheless far below the $100-a-barrel mark of mid-2014 …. http://www.bangkokpost.com
Source: http://luismmx.blogspot.com/2016/05/global-oil-supply-glut-to-shrink.html
