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Both Opec and the International Energy Agency (IEA) see little chance of a tightening world oil market in the remaining six months of this year, as sluggish world oil demand continues to lag behind surging supply from Opec and non-Opec countries alike. But while an expected stalling of North American output growth through 2016 should go some way towards easing the current oversupply in the market, much depends on Opec, the IEA argues: if its members collectively continue to produce at levels well above that required by the market - a trend that is especially likely on the back of this week’s Iran nuclear deal - this will serve only to maintain the downward pressure on world oil prices, and further delay any potential rebalancing of the market.
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