Will Oil Markets Rebalance Before The OPEC Deal Expires?

The oil market is still on track to rebalance, although the
pace is “stubborn” and will still take some time, the IEA said in a
new report. Market sentiment has been fickle throughout summer, and
despite the recent plateauing of oil prices, the IEA reassured
everyone in its new monthly report that things are still proceeding
apace. For example, in the second quarter, global inventories fell
by 0.5 million barrels per day (mb/d), and preliminary data for
July show that the strong inventory declines continued,
particularly in the U.S.,…

The oil market is still on track to rebalance, although the
pace is “stubborn” and will still take some time, the IEA said in a
new report. Market sentiment has been fickle throughout summer, and
despite the recent plateauing of oil prices, the IEA reassured
everyone in its new monthly report that things are still proceeding
apace. For example, in the second quarter, global inventories fell
by 0.5 million barrels per day (mb/d), and preliminary data for
July show that the strong inventory declines continued,
particularly in the U.S.,…