Baku, Azerbaijan, Oct.11
By Leman Zeynalova – Trend:
Oil demand is forecast to expand by 1.2 million barrels per day in 2016, with a similar gain expected in 2017, according to the Oil Market Report of the International Energy Agency (IEA).
“Global oil supply rose by 0.6 million barrels per day in September, with non-OPEC up nearly 0.5 million barrels per day on higher Russian and Kazakh flows and OPEC at an all-time high,” said the report.
IEA said that world oil output of 97.2 million barrels per day was up 0.2 million barrels per day on a year ago due to strong OPEC growth.
Non-OPEC supply is forecast to drop by 0.9 million barrels per day in 2016 before rebounding by 0.4 million barrels per day in 2017, according to the report.
“OPEC crude output rose by 160,000 barrels per day to a record 33.64 million barrels per day in September as Iraq pumped at the highest ever and Libya reopened ports,” said IEA. “Supply from the group stood 0.9 million barrels per day above 2015 due to robust Middle East output.”
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