LONDON, June 8 (Reuters) - Global oil oversupply could takeup to 18 months to clear even if supply swings into a deficit of1 million barrels per day, BP Chief Economist Spencer Dale saidon Wednesday.
He said the market was expected to achieve a balance betweenproduction and consumption in the second half of 2016.
But there has been a massive stock build of about 350million barrels in developed economies and a similar number inemerging economies, Dale said.
Operating at a deficit of 1 million bpd, that could takesome 12 to 18 months to clear, he told reporters ahead of therelease of BP's Statistical Review of World Energy.
Oil prices have fallen by more than half over the past twoyears due to an oversupply estimated at nearly 2 million barrelsper day. (Reporting by Ron Bousso; editing by Jason Neely)
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