Despite increases in global oil inventories in January this year, following continued reductions, according to the International Oil Agency (IEA), oil demand may exceed supply in the first half of 2017 if the Organization of Petroleum Exporting Countries (OPEC), keep cuts in production.
According to the Agency, oil inventories have risen since July 2016, only in January this year, and increased from 48 million barrels to 3.03 billion barrels, resulting in more than 300 million barrels above average Of five years. However, as OPEC plans to cut 1.2 million barrels per day in the first half and has already reached 91% of the February proposal, if the market continues to meet the supply limit until July, there may be an implied deficit of 500,000 barrels per day Bpd.
With this, the message is that to achieve a rebalancing of the oil market will require patience. Whereas, when OPEC pointed to high inventories, it also raised production estimates of non-cartel organizations, but without signaling whether there would be a balance between supply and demand until the second half.
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