The oil market risks running another surplus in 2017 without an output cut from Opec, as producers around the globe ramp up supply and demand growth falters, the International Energy Agency said on Thursday. In its monthly oil market report, the group said global supply rose by 800,000 barrels per day in October to 97.8 million bpd, led by record Opec output and rising production from non-Opec members such as Russia, Brazil, Canada and Kazakhstan.
Source: www.engineeringnews.co.za
IEA sees global market awash with oil in 2017 if no Opec cut
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