Oil prices might have stabilized only temporarily as the global oil glut is building due to oil production in the United States showing no signs of slowing down, the International Energy Agency said on Friday.
The agency also raised its forecast of global oil demand growth for 2015 by 75,000 barrels per day (bpd) to 1.0 million bpd, bringing demand this year to an average of 93.5 million bpd.
"Tentative signs of a demand recovery have emerged with the turn of the year, with a heavy emphasis reserved for the word 'tentative'" the IEA said in a monthly report.
The price of a barrel of the North American oil benchmark known as WTI lost about $1 on the news, trading hands at $46.17 early Friday.
The West's energy watchdog said the United States may soon run out of spare capacity to store crude, which would put additional downward pressure on prices. That process would last at least until the second half of 2015 when U.S. oil production growth should start abating.
"On the face of it, the oil price appears to be stabilizing. What a precarious balance it is, however," it said.
The slightly higher demand forecast has led to an increased demand for OPEC crude of 30.3 million bpd, the IEA said, closer to the group's real production levels and its official 30 million bpd target.
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