Dubai – (Masaader News)
Oil market is on its way to regain balance between supply and demand during 2017 according toThe International Energy Agency (IEA).
A report issued by the agency, said that the demand growth will keep declining for the second year in a row.
Even if the Organization of Petroleum Exporting Countries (OPEC) decided to extend production cuts in May, there will be still more work to be done in the second half of 2017, in order to drain oil inventories. The IEA stated.
The agency set its global growth forecast for oil demand at 1.3 million barrel in 2017, adding that growth was weaker than expected in the first quarter of the year.
By 11:45 am GMT, the price of Brent crude futures rose 0.42% to $52.04 per barrel (pb).
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