Latest International Energy Agency report now out
- world oil markets will remain oversupplied until at least end-2016
- raises 2016 global oil demand growth estimate by 20k bpd to 1.23mln bpd
- OPEC decision appears to signal determination to maximise supply and drive out high-cost non-OPEC regardless of price
- leaves estimates of non-OPEC 2016 output broadly unchanged
- sees non-OPEC supply contracting by 600k bpd next year
Oil prices falling on the headline. Brent $39.49 WTI 36.59
Full report from IEA here
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