IEA: world oil market will begin to return to normal in 2017

IEA: world oil market will begin to return to normal in 2017


PARIS, February 22. /Corr. Sergey Shcherbakov/. A gradual return to normal situation in the world oil market and restore the balance between production and demand for oil will begin in 2017. Such forecast contains in the report published by the International energy Agency (IEA).

“In 2017, will be a balancing between production and demand for oil,” said the IEA. Then start and rising oil prices. However, the process will not be quick, experts warn: the factor has already accumulated reserves of hydrocarbons.

However, the IEA does not exclude that the mechanism of growth of cost of barrel of oil can be used even earlier. “This can happen, for example, as a result of unforeseen geopolitical shocks”, – they explain in the Agency.

Meanwhile, in the next five years – to 2021 – average oil demand will grow by 1.2 million barrels per day. “As in previous years, the growth will be achieved mainly through non-Organization for economic cooperation and development (OECD) Asian countries, where consumption will increase from 23.7 million barrels per day (2015) to 28.9 million barrels per day (2021)”, – the report says the IEA.

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Oil prices over 40 years

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