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IEA increases 2017 global oil demand outlook

February 10, 12:21 UTC+3

OPEC countries slashed oil production in January 2017 by 1 mln barrels to 32.06 mln barrels a day

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© Egor Aleev/TASS

MOSCOW, February 10. /TASS/. The global oil demand outlook is increased by 200,000 barrels per day to 98 mln barrels daily in 2017, the International Energy Agency (IEA) said in its February report.

The IEA outlook on 2017 demand growth rates is increased by 100,000 barrels daily to 1.4 mln barrels per day.

The IEA has also increased its forecast of non-OPEC countries’ oil production by 100,000 barrels daily to 58 mln barrels per day in 2017. 

OPEC countries slashed oil production in January 2017 by 1 mln barrels to 32.06 mln barrels a day. The compliance rate with the oil production cut agreement is 90%. 

"Some producers, notably Saudi Arabia, appearing to cut by more than required," the IEA said. At the same time, OPEC’s production cut overall was partly offset by growing deliveries of Libya and Nigeria not required to cut production according to the agreement terms.

Russia's oil production 

Russia’s oil production amounted to 11.48 mln barrels daily in January 2017: 

Russia’s oil production cut by 300,000 barrels per day "would be phased in gradually," the IEA said. According to preliminary data, Russian oil output went down by 100,000 barrels daily in January, the IEA reported.

The IEA predicts the average annual oil production in Russia will be 11.38 mln barrels per day this year. Russia’s oil production will be 11.43 mln barrels daily in the first quarter, followed by a significant reduction to 11.28 mln barrels per day in the second quarter and a small recovery to 11.33 mln barrels daily in the third quarter, the IEA said.

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