29 April 2024
US oil production looms large over ‘rebalancing’ market – IEA
Publication date: 16 May 2017
Gas Strategies Group
10 Saint Bride Street
London UK
EC4A 4AD
ISSN: 0964-8496
Twitter @GasStrategies
Editorials
Subscriptions
With the next OPEC ministerial meeting now just over a week away, oil prices have again been exhibiting extreme volatility despite signs that output cuts by both OPEC and non-OPEC producers have helped to balance the market. Rising US production continues to threaten this balance.
The global market “was almost balanced” during the first quarter of the year, the International Energy Agency said in its latest monthly market report, with a global stock build of just 0.1 Mb/d. “Re-balancing is essentially here and, in the short term at least, is accelerating.”