Iea braces for another year of cheap oil

PARIS: Oil prices will remain low at least until next year, the International Energy Agency (IEA) warned on Monday (Tuesday in Manila), saying any 2017 recovery will be slow as massive oil stocks feed into the market.

“We must say that today’s oil market conditions do not suggest that prices can recover sharply in the immediate future—unless, of course, there is a major geopolitical event,” the IEA said in its medium-term report, which looks five years ahead.