IEA Sees Oil Glut Easing
- Saudi Arabia, Kuwait, U.A.E. produce at all-time highs in July
- Record demand from refiners to erode bloated stockpiles
Fitch: European Oil Majors Unlikely to Balance Cash Flows
This article is for subscribers only.
Global oil markets will continue to re-balance this year as a pick-up in demand from refiners absorbs record output from several Persian Gulf producers, the International Energy Agency predicted.
Refiners around the world will process record volumes of crude this quarter as their intake rebounds after falling in the second quarter by the most since 2009, the Paris-based adviser said in its monthly report. That will shrink brimming crude stockpiles even as Saudi Arabia, Kuwait and the United Arab Emirates pump at all-time highs amid competition between OPEC nations to secure market share, according to the agency.