IEA: growth in oil demand will decrease from 5-year high

IEA: growth in oil demand will decrease from 5-year high

The Outlook for demand growth in 2016 was revised downward. The previous forecast, the figure was 1.4 million barrels per day.

MOSCOW, 13 Oct. Growth in world oil demand in 2015 will accelerate to five-year high of 1.8 million barrels per day in 2016, growth will slow to 1.2 million barrels a day, reads the monthly report of the International energy Agency (IEA).

The new forecast for 2015 by 0.1 million barrels per day higher than the forecast published in September. The indicator for growth in demand next year was revised downwards compared with the previous forecast, which was 1.4 million barrels per day.

In September, the supply of oil on the world market remained stable at the level of 96.6 million barrels per day, as lower supplies from countries outside OPEC were offset by increased production in OPEC.

Oil production in the OPEC countries in September has grown by 90 thousand barrels per day, up to 31,72 million barrels per day amid declining production in Saudi Arabia and record production in Iraq. Against the background of a worsening Outlook for growth in oil demand in 2016, the demand for OPEC oil, according to experts IEA, the next year will amount to 31.1 million barrels per day, which is 0.2 million barrels per day less than the September forecast.

In countries outside OPEC, oil production in 2016 is expected to decrease by 0.5 million barrels per day. The reasons for this development will be the falling oil prices and declining costs in the industry.