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IEA anticipates that oil oversupply will proceed with Iran re-entry
Posted Date 2016/01/19 22:18

Oil markets will confront oversupply of no less than one million barrels a day for the third year in succession, as per a report by vitality forecaster the IEA. 

The business sector could "suffocate in oversupply" this year, as per the association, as rising Iranian yield counterbalances creations cuts in different markets. 

The IEA's January market report inferred that falling creation outside OPEC would be met by oversupply and Iran's reentry into the global business sector. 

Non-OPEC supply could drop 600,000 barrels a day in 2016, it said, after a 1.3 million barrel increment a year ago. 
The IEA cautioned of costs perhaps reeling lower ought to Iran start a cost war with Saudi Arabia by offering its oil under appealing terms. 

"Saudi Arabia and others are going to guarantee they don't miss out," said IEA oil mark division head Neil Atkinson. "They are not going to surrender the battle and say 'welcome back'. In every way that really matters, this is a free market." 

Oil sunk to 12-year lows this week, quickly dropping beneath $28 a barrel before bouncing back today to over $30. 
The IEA conjectures an expansion of 285 million barrels to worldwide oil stocks in 2016 after an one billion barrel increment in 2015. 

Iran has said it will help its yield by 500,000 barrels a day, with figures proposing 300,000 barrels could hit the business sector by March.

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