OPEC Faces ‘Long Haul’ to Deplete Swollen Oil Stocks, IEA Says
- Market rebalancing is ‘stubborn process,’ Neil Atkinson says
- Crude prices are ‘self-capped’ by resilience of U.S. shale
Neil Atkinson, head of oil industry and markets division at the International Energy Agency, discusses U.S. shale production, the rebalancing of the market and his outlook for oil production. He speaks on 'Bloomberg Daybreak: Europe.' (Source: Bloomberg)
This article is for subscribers only.
OPEC won’t clear the global oil glut any time soon since any increase in price continues to bolster rival production from U.S. shale, according to the International Energy Agency.
“If they wish to achieve the reduction of oil stocks down to the five-year average, they’re going to have to dig in for the long haul,” Neil Atkinson, head of the IEA’s oil markets and industry division, said Tuesday in a Bloomberg television interview. “Rebalancing is a stubborn process.”