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IEA’s Birol sees oil market rebalancing well before end-2017

International Energy Agency’s (IEA) Executive Director Fatih Birol speaks at a news conference on the sidelines of G20 Energy Ministers Meeting in Istanbul, Turkey, October 2, 2015. REUTERS/Osman Orsal

The balance of supply and demand in global oil markets may soon change as a result of OPEC’s decision to cut production, International Energy Agency chief Fatih Birol said on Tuesday.

“We had been expecting before the OPEC meeting a rebalancing of the market towards the end of 2017, but with this decision it implemented we may well see it happen significantly earlier,” Birol told Reuters on the sidelines of an industry conference.

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