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IEA sees bear oil market as stocks balloon

pump jacks

LONDON, Nov 13 (Reuters) – The world is awash with oil having built record stockpiles in recent months and slowing demand growth combined with resilient non-OPEC supply could worsen the glut well into next year, the International Energy Agency (IEA) said on Friday. “Stockpiles of oil at a record 3 billion barrels are providing world markets with a degree of ...

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New IEA boss faces world energy landscape in flux

PARIS/BRUSSELS – The new head of the International Energy Agency faces dilemmas that challenge the purpose of the body set up to protect the interests of the West against the power of OPEC in the 1970s. Fatih Birol of Turkey — the IEA’s respected chief economist — takes over on Tuesday, replacing Dutch politician Maria van der Hoeven, a former ...

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IEA sees oil glut persisting despite soaring demand

LONDON – World oil demand is expanding at its fastest pace in five years thanks to rebounding economic growth and low prices, but global oversupply will last through 2016, the West’s energy watchdog said on Wednesday. The International Energy Agency said in a monthly report that it was steeply raising its demand growth outlook for this year and 2016, and ...

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Cheaper prices spur U.S. gasoline demand: Kemp

(John Kemp is a Reuters market analyst. The views expressed are his own.) LONDON – Strong growth in demand for refined fuels such as gasoline and diesel is helping to rebalance the global oil market, according to most observers. “Recent oil market strength … stems partly from unexpectedly strong oil demand growth,” the International Energy Agency explained in its June ...

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Oil glut worsens as OPEC market-share battle just beginning – IEA

LONDON – A global oil glut is building as OPEC kingpin Saudi Arabia pumps near record highs in an attempt to win a market-share battle against stubbornly resistant U.S. shale production, the International Energy Agency (IEA) said on Wednesday. The West’s energy watchdog said in a monthly report that although higher-than-expected oil demand was helping to ease the glut, growth ...

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