IEA Chief: Oil Market, Prices to Return to Balance by 2017
International Energy Agency (IEA) chief Fatih Birol was on the wires earlier today, expecting oil markets to rebalance by 2017.
Key Quotes:
Expect the oil market to come back into balance from oversupply by next year
Providing there is no major economic downturn
Low oil prices have cut oil investment by about 40 percent in the past two years
Sharp
falls in the United States, Canada, Latin America and Russia, and the
world's reliance on Middle East oil will accelerate substantially in the
next few year.
