'Oversupply of oil may continue till 2017 first half'
The global oversupply of oil may continue till the first half of 2017 unless the Organization of the Petroleum Exporting Countries (OPEC) keep their promise of cutting their output, the International Energy Agency said on Tuesday. Oil prices have risen by as much as 15% since OPEC said last month that it would reduce production, the IEA has noted.