Baku, Azerbaijan, Sept. 20
By Aygun Badalova - Trend:
Venezuela's Oil Minister Eulogio Del Pino said global oil supplies are needed to fall by 10 percent in order to bring production down to consumption levels.
"Global production is at 94 million barrels per day, of which we need to go down 9 million barrels per day to sustain the level of consumption," Del Pino said in an interview with state oil company PDVSA's internal TV station, CNBC reported.
The US Energy Information Administration (EIA) expects global oil supply at the level of 96.11 million barrels per day in 2016 and 96.59 million barrels per day in 2017.
Global oil supplies stood at 95.73 million barrels per day in 2015, according to the EIA.
The EIA says the global supplies of oil and other liquid hydrocarbons was 95.59 million barrels per day in Q1 2016 and 95.54 million barrels per day in Q2 2016, and they are expected at the level of 96.52 million barrels per day in Q3 2016 and 96.54 million barrels per day in Q4 2016.