The IEA said unplanned shut-ins in Canada will help… Global oil markets are moving close to balance in the second half of this year on a significantly stronger than expected oil demand and unexpected supply disruptions, the International Energy Agency said Tuesday. “Less oil has been stockpiled than we originally expected,” and the oversupply in the first half of this year is likely to stand around 800,000 barrels a day, down from the 1.5 million barrels initially anticipated, the Paris-based IEA said in its closely watched monthly oil-market report. Unplanned shut-ins in Canada and Nigeria as well as the expected drop of 900,000 barrels a day in production from producers outside the Organization of the Petroleum Exporting Countries will help the markets to rebalance, it said. “But we must not forget that there are large volumes of shut-in production, mainly in Nigeria and […]