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IEA: Normalized Oil Supplies Will Lead to Higher Prices

An International Energy Agency (IEA) official predicted the worldwide glut in oil supplies would drop in the next year or two and result in a rebound of oil prices. Global oil supplies will be rebalanced by the largest cut in oil production by non-OPEC countries in a generation, IEA Executive Director Fatih Birol told reporters in Tokyo. "This year, we are expecting the biggest decline of non-OPEC oil supply in the last 25 years. "At the end of this year or the latest 2017,...

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