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Global Oil Demand Reduces
October 16, 2014 18:46


The forecast of global oil demand is reduced by 200 thousand barrels per day.

The experts from the International Energy Agency have lowered its forecast of global oil demand. According to the IEA, at year-end of 2014 the world will consume a daily average of 92.4 million barrels of oil. This is about 200 thousand barrels less than it was previously conceived.

The IEA notes: reduction of economic activity throughout the world will lead to the fact that the demand for oil will grow by only 700 thousand barrels per day in 2014, and not by 1.3 million barrels, as it was expected in the spring of 2014. At the same time the supplies of oil to the world market continues to grow.

According to the IEA, in September 2014 they reached the level of 93.8 million barrels per day, which is 910 thousand barrels more than in August. The oil production has especially actively grown in the member states of the Organization ofPetroleum Exporting Countries (OPEC).

As for IEA, OPEC increased production volumes up to 30.66 million barrels per day in September 2014, which is 300 thousand barrels more than in August, and this rate is the highest in the last 13 months. The increase in supplies may be explained, first of all, by the resumption of production at a number of oil fields of Libya and enhancement of supplies from Iraq.

In August 2014 Saudi Arabia has cut oil supplies to the world market by more than 300 thousand barrels per day, which provided for reduction of supplies of the entire oil cartel. The IEA noted that due to the weakening of oil demand and the drop of prices in 2015, oil production volumes in OPEC countries may fall to 29.3 million barrels per day.

Global oil prices have been falling over the past three months. The price of Brent crude oil has fallen by approximately 20% since June 2014 and broke through the psychological barrier of $ 90 per barrel last week. On Monday Brent lost another 1.6%, coming down to $ 88.78. During today’s trading on the London ICE Futures Exchange, November futures for Brent crude oil went down in value to $ 88.1 per barrel. 

Author: Anna Dorozhkina

Tags: Russian oil and gas industry Russian economy    

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