IEA’s Birol Warns Oil Supply Will Exceed Demand Until Late 2017
- Agency presents bearish outlook for global petroleum market
- OPEC to meet Wednesday in Algiers to discuss production policy
Oil Demand Weaker than Many Thought, Says Birol
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Global oil output will exceed demand until late 2017, the head of the International Energy Agency said before major producing nations gather for talks.
"We don’t see the oil market re-balancing until late 2017" provided there’s no “major intervention,” IEA Executive Director Fatih Birol said Tuesday in an interview with Bloomberg Television in Algiers.