Oil market seen recovering in 2017

Oil market

TOKYO: Crude oil prices will recover by 2017 at the latest, boosted by growing demand from emerging markets, said Faith Birol, director of the International Energy Agency.“This year we expect more supply cuts from countries outside OPEC, some 700,000 barrels per day less,” Birol said during a meeting with Japanese Prime Minister Shinzo Abe.“Global demand for crude is growing at a healthy rate, led by India, China and other emerging economies,” the Japanese news agency Kyodo said.However, Birol said that conditions are tough for oil producing countries despite a recovery in the price of Brent crude of more than $45 per barrel.“I think $45 gives some relief to global crude producers, but it’s still too low to make shale oil production in the U.S. profitable,” he added.