Baku, Azerbaijan, Apr. 13
By Leman Zeynalova – Trend:
The International Energy Agency (IEA) has lowered the forecast 2017 global oil demand growth in its Oil Market Report, released April 13.
The IEA has cut its growth number for the first quarter of 2017 by 0.2 million barrels per day to 1.1 million barrels per day.
New data shows weaker-than-expected growth in a number of countries, including Russia, India, several Middle Eastern countries, South Korea and the US, where demand has stalled in recent months.
“After upgrading demand estimates for the second quarter of 2017 and cutting it for the second half of the year, we are left with growth for 2017 at 1.3 million barrels per day rather than the 1.4 million barrels per day previously forecast,” said IEA.
IEA estimates that world oil supply fell by 750,000 barrels per day in March as OPEC and non-OPEC producers pumped less and improved compliance with the output reduction pact.
OPEC crude output fell by 365,000 barrels per day in March to 31.68 million barrels per day, led by losses in Nigeria, Libya – both exempt from supply cuts – and Saudi Arabia.
Crude prices fell more than $3 per barrel on average in March, but rose by $5 per barrel in early April, according to the IEA estimations.
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