Supply and demand beginning to cool as oversupply shrinks – IEA, OPEC weigh in
The International Energy Agency sees supply and demand coming into balance during the third quarter of the year, according to its August Oil Market Report.

From July through September, demand will outpace the supply of crude oil by almost 1 MMBOPD, even as OPEC producers continue to increase output.

“Our balances show essentially no oversupply during the second half of the year,” the IEA said in its report Thursday.

While the agency sees supply and demand b...

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