The oil market is now in balance thanks to unplanned outages and robust demand, particularly from emerging economies, but this equilibrium will tilt into surplus again early next year, the International Energy Agency (IEA) said yesterday.

A global oil supply glut will persist through 2016 as demand growth slows from a five-year high and key Organization of the Petroleum Exporting Countries (Opec) members maintain near-record output, the International Energy Agency (IEA) said, even as low prices curb supply outside the producer group.