The International Energy Agency today said the current imbalance between global oil supply and demand would reverse in 2017. Via FuelFix, the IEA expects daily production to outpace demand by 1.1 million barrels this year and 100,000 barrels next year. Only in 2018, however, will global crude inventories begin to register an annual decline. Global oil demand is expected to exceed supply by 1 million barrels per day by 2020 — a disparity that could yield an oil price spike as destabilizing as the current oil bust, the agency said.
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