Per Oilprice.com Tuesday February 23, 2016
"Oil executives, energy market analysts, and government officials have descended on Houston this week for the IHS CERAWeek conference, a top industry conference often likened to oil’s version of the Davos World Economic Forum. At the forum, the International Energy Agency published its closely-watched Medium Term Oil Market Report, which offers an outlook on oil markets through the end of the decade.
"The IEA sees oil prices remaining low through 2016, with supply and demand only starting to converge in 2017. On the other hand, the agency also said that U.S. shale will finally start posting more substantial declines this year, dropping by 600,000 barrels per day. As a result, the market will slowly adjust, although incredibly high levels of oil placed in storage will slow the balancing."
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