Oil Prices Expected To Drop

Oil Prices Expected To Drop

The International Energy Agency (IEA) said that although the oil prices have managed to stabilize it might drop in the next couple of months due to the fact that there are no signs of a slow oil production, oil production and in addition to that the oil gut is also worsening.

The IEA added that there is an additional downward pressure on oil prices due to the fact that the U.S might very soon have nowhere to be store their crude oil.

According to the company, this process is bound to last for months, just to be exact, it is expected that it will last until the second half of 2015, a period in which oil production in the U.S. is expected to start abating.

The expected oil production slowdown in the U.S. combined wih an increase in the global demand of oil will help in combating the drop in price for oil as well as offer respite to oil producers group OPEC, said the IEA that losses that crude oil has been making.

In a report that was issued out by the Paris based IEA said that, "On the face of it, the oil price appears to be stabilizing. What a precarious balance it is, however.

"Behind the façade of stability, the rebalancing triggered by the price collapse has yet to run its course, and it might be overly optimistic to expect it to proceed smoothly."

According to the IEA, a key driver to the recent oil price rebound that has been witnessed has been as a result of a drop in rig counts in the U.S.

"Yet U.S. supply so far shows precious little sign of slowing down. Quite to the contrary, it continues to defy expectations," the IEA said.

 

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