Oil Output Surge Puts Pressure on OPEC as IEA Warns on Price
- Market faces ‘relentless’ supply growth as non-OPEC recovers
- Brazil, Russia, Kazakhstan help non-OPEC grow by 500,000 b/d
Energy Market Assesses Trump Win
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The cost of failing to reach a deal this month is rising for OPEC as rival producers are set to revive production in 2017, the International Energy Agency predicted.
Crude prices may retreat again amid “relentless global supply growth” unless the Organization of Petroleum Exporting Countries enacts “significant” output cuts, the IEA said in its monthly report on Thursday. Non-members such as Brazil, Canada, Kazakhstan and Russia will raise output by 500,000 barrels a day in 2017, after enduring their biggest slump in more than two decades, the agency said.