Oil markets will remain oversupplied at least until late 2016 – IEA

FXStreet (Mumbai) - The Paris based International Energy Agency (IEA), in its monthly report, says the oil markets will remain oversupplied at least until late 2016.

Key Points

Global Oil supplies expanded by 2.6 million bpd in 2015, versus a rise of 2.4 million bpd in 2014

2016 global demand growth estimate unchanged at around 1.2 mln bpd

Warm winter weather cut global Oil demand growth to a one-year low of 1.0 mln bpd in Q4 2015

Cuts estimate of 2016 call on OPEC Crude by 300,000 bpd to 31.7 million bpd