Experts: Oil production will exceed demand two million barrels in 2016

0401 2016
Oil prices fell for the second consecutive year in 2015 to drop Brent crude at 35% throughout the year, while US light crude fell by about 30%.

Analysts expect global oil production will exceed demand by between half a million to two million barrels per day this year, which means that even better than expected decline of shale oil production by about five hundred thousand barrels a day in 2016 will not be enough to restore balance to the markets.

In addition, it does not seem to be any direction, whether on the part of Russia or OPEC to cut production, especially after the recent decision of the Organization in Vienna to keep production unchanged last month despite an oversupply.

Al Ayam 2016