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Oil prices to see more volatility in 2017: IEA chief

Rebalancing of markets expected in first half of this year as output cuts take effect

Published Mon, Jan 16, 2017 · 09:50 PM
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Abu Dhabi

GLOBAL oil prices will witness "much more volatility" in 2017 even though markets may rebalance in the first half of the year if output cuts pledged by producers are implemented, the head of the International Energy Agency (IEA) said on Sunday.

The Organization of the Petroleum Exporting Countries (OPEC) agreed on Nov 30 to cut output by 1.2 million bpd to 32.5 million bpd for the first six months of 2017, in addition to 558,000 bpd of cuts agreed by indepen…

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