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The market remains on track to rebalance later this year according to the International Energy Agency’s oil market report for July. But can this be a true balance with global oil stocks not just at record levels but continuing to build, albeit at reduced rates?
The IEA maintains that the “big picture direction” for oil markets is a return to balance, indeed “balance is upon us” with markets having experienced an “extraordinary transformation from a major surplus in 1Q16 to near-balance in 2Q16,” the IEA says. But, although “stocks are close to topping out, they are at such elevated levels… that they remain a major dampener on oil prices.”
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