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Oil glut to 'shrink dramatically': IEA

Wildfires have disrupted Canada's oil output; demand in India soars while global demand is set to grow at 'solid' rate this year

Published Thu, May 12, 2016 · 09:50 PM

IEA

Paris

A GLOBAL oil glut that has sent prices tumbling is set to "shrink dramatically" later this year, as wildfires have disrupted Canada's output and demand in India soars, the International Energy Agency (IEA) said on Thursday.

Demand for oil worldwide is set to grow at a "solid" rate in 2016, with India the "star performer" after making up nearly 30 per cent of the global increase in demand in the first quarter of the year, the IEA said.

"This provides further support for the argument that India is taking over from the China as the main growth market for oil," the…