Russia Oil Oil markets are only a few months away from a much closer balance as demand holds steady and supply drops off. Several reports from the three major energy entities more or less say the same thing – the supply overhang that the world has experienced over the past two years should narrow and start to close in the second half of 2016. The International Energy Agency estimates that the world is dealing with a supply surplus of 1.3 million barrels per day (mb/d) right now, which should last through the end of the second quarter. By the third and fourth quarters, however, the surplus shrinks to just 0.2 mb/d. The IEA reiterated its forecast that demand will hold at 1.2 mb/d, and expressed a growing sense of confidence that oil markets are only a few months away from moving into balance. For its part, OPEC largely agreed […]