Opec deal will create oil-supply deficit in first half, says IEA

Global oil markets will swing from surplus to deficit in the first half of 2017 as the Organisation of Petroleum Exporting Countries (Opec) and other producers follow through on an agreement to cut supply, according to the International Energy Agency (IEA).

Oil stockpiles will decline by about 600,000 barrels a day in the next six months as curbs by the Opec and its partners take effect, said the agency, which had previously assumed inventories wouldn’t drop until the end of 2017. Russia, the biggest producer outside the Opec.....

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