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Research: Oil excess to persist globally till 2017

May 12, 17:55 UTC+3 MOSCOW
In theory, if key oil producers reach an agreement on market regulation at the end of the year the excess of supplies may be fully liquidated though this option is unlikely, a research says
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© Egor Aleev/TASS

MOSCOW, May 12. /TASS/. The excess of oil supplies on the global market, which pushed crude prices down, will subside though persisting till the middle or the end of next year and restrain the recovery of oil prices, a research by the Moscow-based energy sector advisor Vygon Consulting released on Thursday said.

"In theory, if key [oil] producers reach an agreement on market regulation at the end of the year the excess of supplies may be fully liquidated though this option is unlikely. Particularly, much will depend of Iran’s stance, which in our view will provide around half of the forecasted production increase of the cartel. The balance may only be reached in case the OPEC member-states strike a compromise or if the geopolitical situation in the Middle East seriously worsens. Otherwise, the excess of oil will persist throughout 2017," the research said.

The structural oil excess more than doubled in 2015 to 2 mln barrels per day, Vygon Consulting said.

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