The International Energy Agency said Thursday that the global supply of oil could rise faster than demand in early 2018, but that the market could balance more late in the year.
"According to our current forecast, 2018 will not necessarily be a good year for those who would like to see a tighter market: total supply growth could exceed growth in demand," writes L & amp; IEA in its latest monthly report on the oil market.
"A lot of things could change in the next few months but it seems that the hopes of the producers for a happy new year are not fulfilled," the report says.
Nevertheless, if we consider the year as a whole, there could be "a tightly balanced market," added the IEA.
At the end of November, 24 countries that account for about 60% of the world's oil supply agreed at a meeting in Vienna to limit production for the entire year of 2018 to raise prices.