
The International Energy Agency sees strong potential for some stability in global crude markets next year — if OPEC and Russia re-up their production-limiting deal beyond the first quarter (check out the chart above).
The International Energy Agency sees strong potential for some stability in global crude markets next year — if OPEC and Russia re-up their production-limiting deal beyond the first quarter (check out the chart above).
By the numbers: The IEA expects supply from outside of OPEC to grow by 1.5 million barrels per day next year, alongside similar growth in crude demand of 1.4 million.
The IEA notes that there has been progress in cutting the glut of global inventories, with a "major reduction in floating storage, oil in transit, and stocks held in some independent areas."
Go deeper: Reuters has much more on the report here.