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Oil market, prices to return to balance by 2017: IEA chief

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Mr Birol expects a rebalance in the oil market in the absence of a major economic downturn.

Tokyo

INTERNATIONAL Energy Agency (IEA) chief Fatih Birol said on Thursday that he expects the oil market to come back into balance from oversupply by next year, providing that there is no major economic downturn.

Mr Birol said that low oil prices have cut oil investment by about