IEA sees faster rebalancing of oil market if Opec executes curbs

London

OIL supply and demand could come back into balance earlier than expected if Opec's agreement to curb output is implemented, the International Energy Agency (IEA) said.

"Our supply-demand outlook suggests that the market - if left to its own devices - may remain in oversupply through the first half of next year. If Opec sticks to its new target, the market's rebalancing could come faster," according to the agency, which last month said that the surplus would persist into late 2017.