Are Oil Prices Going Up Or Down In 2016? Middle Eastern Production Climbs As US Slows Amid High Stock Prices
While global crude markets have swung from a large surplus to a closer balance in the second quarter of 2016, high stock prices are potentially threatening price stability, a report from the International Energy Agency (IEA) concluded Wednesday.
“We may well see crude oil stocks fall back but there is a risk that, unless demand turns out to be stronger than we currently anticipate, products stocks could rise still further and threaten the whole price structure,” the IEA said.