The “journey to a balanced market will take time, and is more likely to be a marathon than a sprint.” The International Energy Agency (IEA) said that the OPEC+ cuts that started this month likely put a floor beneath oil prices, but that it would still take time before the reductions could balance the oil market. Oil prices fell over the course of December, even after the OPEC+ cuts were announced. That reflected pessimism over the trajectory of the global economy as well as fears that the oil market was about to head into another steep downturn not unlike the 2014-2016 bust. Those fears were exaggerated, at least as ... (full story)