The IEA lowered its forecast for growth in world oil demand in 2016

PARIS, 9 February. The international energy Agency (IEA) lowered its forecast for global oil demand in 2016 to 100 thousand barrels/day to 95.6 million barrels per day. This is stated in the February report of the IEA.

In this case, as in January, the Agency forecasts growth in oil demand in 2016 at the level of 1.2 million barrels/day compared to year 2015.
In addition, according to the February forecast, the IEA expects a decline in oil production outside OPEC in 2016 compared to 2015 year by 600 thousand barrels/day to 57.1 million barrels/day.

“Given the fact that the market is still awash in oil, it is very difficult to imagine how oil prices can rise significantly in the short term. In these conditions, increased short-term risk of lower prices”, – stated in the IEA report.