OPEC seized the forecast for global oil demand in 2016

Published on 10 February, the OPEC report stated that due to increased demand by 1.25 million barrels per day and the total value will reach $ 94,21 million barrels. These data slightly (with correction down by 10 thousand barrels per day) differ from the previous forecast of the organization.

As CNBC notes, new figures from OPEC almost coincides with the forecast, which was published on Tuesday by the International energy Agency (IEA). It noted that in 2015 the demand grew by 1.5 million barrels per day. The slowdown in the organization explained economic downturns in Europe, USA and China.

On the eve of a new report on the state of the oil market the IEA’s experts pointed out that oil prices are unlikely to rise in the near future. This point of view they explained the overabundance of oil on the market, and a slowdown of the largest growing economies in the world — Brazil, Russia and China.

According to the IEA, the likelihood that oil-producing countries consistently will reduce oil production, is extremely small. “Apparently, it is no more resistant than speculation. This case OPEC to reduce production or not, do it separately or together with others” — so the IEA’s experts assessed the information on possible carrying out extensive negotiations between members of OPEC and other exporters, including Russia.

The Agency has concluded that hopes for rising oil prices is likely to have been “an illusion”.