Oil prices will start to rise in 2017 after demand aligning, IEA forecast says

Almaty. February 22. Silkroadnews - The dropped oil prices adjustment may start in 2017 after supply and demand are balanced in the energy market. The Russian mass media refers to the report of the International Energy Agency (IEA) saying.
In 2014 and 2015, the oil production exceeded demand by 0.9 and 2 million barrels per day respectively. In 2016, the IEA forecasts, the gap will remain making 1.1 million barrels per day. Alignment of this indicator is expected not earlier than in 2017.
“Today the conditions of the oil market do not assume a sharp rise in prices in the near future - unless there is a geopolitical event of special importance,” - the document states.
According to the IEA, the global demand for oil, which in 2015 amounted to 94.4 million barrels a day, shall exceed the important threshold of 100 million barrels in the period between 2019 and 2020.
The global oil prices rapid collapse began in 2014. In summer of 2014, the price for barrel of Brent was $115; in January 2016, the price fluctuated at the level just above $30. According to the experts, the key factor putting pressure on oil quotations is an excess of supply over demand.