IEA Sees Oil Oversupply Extending Into Next Year
The surplus in global oil markets will last for longer than previously thought, persisting into late 2017, as demand growth slumps and supply proves resilient, the International Energy Agency said. World oil stockpiles will continue to accumulate through 2017, a fourth consecutive year of oversupply, according to the IEA. Consumption growth sagged to a two-year low in the third quarter as demand faltered in China and India, while record output from OPEC’s Gulf members is compounding the glut, said the agency, which just last month saw the market returning to equilibrium this year. Bloomberg's Ryan Chilcote reports and JPMorgan Global Market Strategist Nandini Ramakrishnan discusses with Bloomberg's Mark Barton on "The Pulse."