Oil surplus about 40% smaller than thought a month ago
The global glut of oil is shrinking, and the oil surplus is smaller than it was believed to be a month ago, according to the IEA’s June Oil Market Report.

The oil surplus in the first half of 2016 is 800 MBOPD, about 40% smaller than estimated in May, and growing demand is expected to help bring the market back into balance in 2017, the agency reported. Despite the bullish outlook, the IEA said the “enormous inventory overhang” which built up since the end of 2014 will be enough to limi...

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