OPEC sees market pressure easing

VIENNA, June 13, 2016 – The supply-demand imbalance plaguing the global oil market will continue to ease over the second half of 2016, OPEC said in its monthly report released on Monday, forecasting a global surplus of 160,000 bopd, down from 2.59 million bopd during the first half of the year.

Lower output from Nigeria on account of increased violence in the oil-rich Niger Delta, as well as the impact the Alberta wildfires have had on Canada’s oil production have both helped accelerate alignment between supply and demand OPEC noted. “The excess supply in the market is likely to ease over the coming quarters,” it wrote.

After reaching a 12-year low of USD 27 per barrel in January, oil prices have recovered to around USD 50.

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