According to a 22 February report by the International energy Agency (IEA) , the balance between oil production and demand will begin to recover in 2017
“In 2017, will be a balancing between production and demand for oil,” reads the Agency’s report. Stabilization in the market and will gradually lead to higher prices, according to the IEA, while noting that the process will not be quick. In the IEA’s call to factor has already stockpiled oil reserves.
The Agency predicts that the average demand of oil in the next five years, until 2021, will increase to 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.
In early February, the IEA said that the s market at the beginning of the year was higher than forecast. “The market is already swamped with oil, and it is very difficult to prevent a significant rise in oil prices in the short term”, — was stated in the report of the Agency. The IEA’s experts called the increase in oil prices observed in the beginning of the year, “the false dawn”.