The global petroleum market is agonizingly creeping its way toward balance, but the pace is picking up ever so slightly, according to data from the US Energy Information Administration (EIA). "The pace of inventory builds is expected to slow to an average of 900,000 barrels per day in 2016" compared to 1.9 million b/d the year prior, the EIA projects in its monthly Short-Term Energy Outlook (STEO). "The market is expected to reach balance in 2017, with inventory draws during the second half of the year averaging 300,000 b/d."
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