IEA: Probability of oil market balancing reduced

Baku. 13 July. REPORT.AZ/ Failed expectations of OPEC about increase in oil production and reduction of global oil reserves reduced possibility of oil market balancing.

Report informs citing the Bloomberg, International Energy Agency (IEA) made a statement.

According to the agency, although decline expected in oil reserves as a result of global oil demand and production cut by OPEC, the effectiveness of the OPEC+ agreement, which has been introduced since the beginning of year, has dropped to a minimum.

"The stock market needs to be steadily declining for the balance of the oil market. However, the indicators we have achieved so far have not been confirmed. We need to wait a while", the IEA notes.