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# New IEA Report Estimates Oil Glut Is Here To Stay

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<!-- video src="https://cdn.jwplayer.com/manifests/3JIqI2KV.m3u8" -->
## Video: New IEA Report Estimates Oil Glut Is Here To Stay

[Watch (HLS stream): New IEA Report Estimates Oil Glut Is Here To Stay](https://cdn.jwplayer.com/manifests/3JIqI2KV.m3u8) (1:02)

![New IEA Report Estimates Oil Glut Is Here To Stay](https://cdn.jwplayer.com/v2/media/3JIqI2KV/poster.jpg?width=720)

_Published 2015-08-12. A new report for August from the IEA estimates the oil glut isn't going anywhere and that oil demand is growing at its fastest in five years._


---

Jul 27, 2023 6:39 PM UTC

---

## More From This Series

[All Videos](https://time.com/video/)

[IEA Predicts Oil Demand Slowdown, More Low Prices](/video/IvV8JkEQ/)

### IEA Predicts Oil Demand Slowdown, More Low Prices

[OPEC Doesn't Think Oil Glut Will End Until at Least 2017](/video/Ba5gJCVt/)

### OPEC Doesn't Think Oil Glut Will End Until at Least 2017

[OIL - Official Trailer](/video/UAHz82WZ/)

### OIL - Official Trailer

---


## Transcript

The oil gluts not going anywhere anytime soon, at least that's what the International Energy Agency oil watchdog is predicting. According to the IEA's August Oil Market Report, global oil demand will grow at it's fastest pace in 5 years, 1. 6 M barrels per day, or about 200, 000 more than Previously expected. There's still an oversupply though and the IEA is estimating it'll average around 1. 4 million barrels a day in the second half of 2015. Then in 2016, the agency says it'll taper off to about 850, 000 barrels a day. In its report the IEA says oil's plunge below $ 50 per barrel from. Triple digits a year ago has seen demand react more swiftly than supply.

Against this backdrop, many participants in the oil industry have adopted a new mantra, lower for longer. This is all part of what the IEA describes as a rebalancing of the global oil market. It seems as if that rebalancing will continue as long as there's Still a standoff between members of OPEC and oil producers outside the cartel.

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