International Energy Agency chief Fatih Birol said on Tuesday, that the global oil market is expected to rebalance in the second half of 2017, but further output increases from Nigeria and Libya could hamper this process, Reuters reports.
The IEA boss said on the sidelines of an Energy Institute event that some key producers including Libya and Nigeria had significantly increased output in recent months.
“In the current context we see the market rebalancing in the second half of the year. But if production increases in some of the key producers this may change the picture,” he said. “Whatever OPEC do, if the prices go up, there will be a response from shale oil producers,” he added.