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IEA lowers forecast for world oil demand in 2017 by 100,000 barrels per day

June 14, 11:39 UTC+3 MOSCOW
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MOSCOW, June 14. /TASS/. The International Energy Agency (IEA) lowered the forecast of world oil demand in 2017 by 100,000 barrels per day against the May forecast to 97.8 mln barrels per day, according to the agency’s June report.

At the same time, the IEA continues to expect the world demand for oil in 2017 to grow by 1.3 mln barrels per day in relation to the indicator of 2016.

The June IEA report for the first time forecasts world oil demand in 2018. Thus, the IEA expects that world demand for oil in 2018 will grow by 1.4 mln barrels per day against the indicator of 2017 and will reach 99.27 mln barrels per day.

Against the backdrop of the IEA report, oil prices are remain at $48. Thus, the price of futures contract for Brent crude oil with August delivery on London’s ICE fell by 1.19% to $48.14 per barrel.

Oil production 

Production of OPEC countries in May amounted to 32.08 mln barrels increasing by 290,000 barrels per day, reaching maximum growth since the beginning of the year.

Growth was mainly due to supplies from Nigeria and Libya, which are excluded from the agreement on output reduction.

At the same time, 11 OPEC countries participating in the agreement produced 29.84 mln barrels of oil per day in May, which is 1.13 mln barrels lower than the level of October 2016 (30.97 mln barrels). Thus, the agreement participants from the cartel practically kept production at the level of April (29.86 mln barrels), fulfilling the agreements by 96%.

Non-OPEC countries participating in the agreement reduced production by 464,000 barrels to 18.571 mln barrels, having fulfilled the plan by 83%. At the same time, Russia's production in May decreased by 278,000 barrels against the level of October (the plan included 300,000 barrels), Mexico - by 106,000 barrels (plan - 100,000), Oman - by 43,000 barrels (plan - 45,000 barrels). Output of Kazakhstan in May rose by 32,000 barrels against the October lebel (plan included decline of 20,000 barrels). Azerbaijan reduced its production in May by 20,000 barrels against October (plan - 35,000 barrels).

According to OPEC, 11 members of the cartel participating in the agreement reached the reduction target level in March. Together with countries outside of OPEC, this indicator in April was 102%.

Russia participates in the oil output reduction deal, pledging to reduce production by 300,000 barrels per day starting from January 1, 2017, to the level of October 2016, or by 2.7%. It was reported earlier that Russia has reached the target level in early May, reducing production by 300,000 barrels against October level.

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