IEA’s Birol: ‘We see early signs of gradual rebalancing of global oil markets’

Dhwani Mehta FXStreet

International Energy Agency's (IEA) Chief Fatih Birol said on Thursday, “we see early signs of gradual rebalancing of global oil markets.”

Further quotes

"Increase in 60 mln barrels in strategic stocks in last 45 days, mostly from China, India and the US."

"Does think recently announced output cuts will be enough to balance oil markets."

Separately, IEA's Head of Oil Industry and Markets Neil Atkinson said, “oil prices may be firmer as stocks decrease in 2H20.”

Their comments come after the release of the agency’s monthly oil market report, which painted a better picture for oil markets in the coming months.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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