The IEA has lowered its growth forecast for oil demand in 2017


The increase in world oil demand in 2017 will slow down and will be less than previously expected, the forecast of the International energy Agency (IEA). According to estimates of experts, this year the demand for oil worldwide will grow by 1.4 million barrels a day, and only 1.2 million barrels.

In July, the IEA forecast demand growth in 2017 was estimated at 1.3 million barrels. Thus, the forecast is deteriorated by 100 thousand barrels per day.

According to the IEA, global oil demand will be 97.5 million barrels, which is significantly higher than announced on Wednesday, the forecast of the Organization of countries-exporters of oil (OPEC). Analysts expect the cartel that the average level of demand at the end of 2017 will be 95,41 million barrels per day, and in the fall and winter will exceed 96 million barrels.

IEA experts note that the world oil production in July 2016 has grown in comparison with June by 800 thousand barrels per day. However, compared with July 2015 the volume of oil production was lower due to the impact of the reduction of production non-OPEC States in the previous months. By the end of 2016, the volume of oil production outside OPEC, according to IEA, will be reduced by 900 thousand barrels per day.

At the same time, Saudi Arabia in July has increased production to a record level, with growth of production volumes in Iraq has brought oil production in the OPEC countries to 33,39 million barrels per day (680 thousand barrels more than in July 2015), which is the highest indicator over the past eight years.

According to the forecast of experts of the IEA, in August 2016, the average price of oil near $45 per barrel. In the course of trading on the ICE exchange on Thursday, the price of a barrel of Brent fluctuated between $43.4 and $44.