IEA: Record 3 billion barrel oil stocks may weaken prices
512 views · Published 14 November 2015 · 0:49 · Indexed 4 November 2026
Channel: CGTN Africa · 2015 · News & Politics
Oil stock piles are at a record 3 billion barrels and will take months to clear. In its monthly report, the International Energy Agency signals that prices will stay low for a long time - an advantage, or disadvantage depending on whether your country is an exporter or importer. The IEA said global oil supplies breached 97 million barrels per day in October, up 2 million from a year earlier, and raised forecast for 2016 by 200,000 barrels per day to 31.3 million. Oil prices have more than halved in the past 18 months with supply bolstered by U.S. shale oil output and OPEC's refusal to cede market share.
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