Baku, Azerbaijan, March 9
By Aygun Badalova - Trend:
The US Energy Information Administration (EIA) expects the world oil supply to continue to exceed global oil demand in the near-term perspective.
Global oil supply will increase to 96.44 million barrels per day in 2016 and to 96.7 million barrels per day in 2017, according to the EIA's forecasts, published in the EIA's Short-Term Energy Outlook (STEO).
Global oil supply amounted to 95.74 million barrels per day in 2015, according to the EIA's estimates. Non-OPEC oil supply is forecast to hit 57.19 million barrels per day in 2016 and 56.68 million barrels per day in 2017.
Global oil consumption, according to the EIA's forecasts, will reach 94.85 million barrels per day in 2016 and 96.06 million barrels per day in 2017 compared to 93.7 million barrels per day in 2015.
The oil demand stood at 92.96 million barrels per day in 2015, while the oil supply to world markets was 95 million barrels, according to OPEC.
This is while the International Energy Agency (IEA) data says that these figures were equal to 94.4 million barrels and 96.4 million barrels, respectively.