The international energy Agency (IEA) predicts growth in global oil demand in 2016 to 96.3 million barrels per day compared to expected in July 96,1 million barrels per day.
In addition, the IEA has raised its forecast for oil demand in 2017, with 97.4 million to 97.5 million barrels a day, reports”Interfax”.
The Agency expects the rebalancing of the oil market, despite record production in the countries of the Persian Gulf.
The IEA also concluded that the supply of oil to the world market in July increased by 0.8 million barrels a day from OPEC and other oil-producing States. Overall oil production in countries outside of the cartel is expected in 2016 will drop by 0.9 million barrels per day, and in 2017 will grow by 0.3 million barrels per day, said RIA “Novosti”.
Production in the OPEC countries in July increased by 150 thousand barrels a day before 33,39 million barrels a day amid a record level of production in Saudi Arabia and continue to increase production in Iraq.
IEA analysts believe that the increase in oil demand, especially due to the growth of the “appetite” on the part of oil, will stimulate further rebalancing in the market.
Earlier this week, the Organization of countries-exporters of oil (OPEC) also increased the forecast of growth in global oil demand in 2016 — on 30 thousand barrels a day. In accordance with the updated forecast, oil demand in 2016 will increase by 1.22 million barrels per day compared to 2015 year — to 94,26 million barrels.
In addition, the cartel forecast demand for oil in 2017 improved to 90 thousand barrels per day to 95,41 million barrels (an increase of 1.15 million barrels).
