IEA: Growth will slow in oil demand

Baku. 15 March. REPORT.AZ/ Daily increase in oil demand in the global market will decline from 1,6 mln barrels of 2016 year to the 1,4 mln barrels in 2017. 

Report informs citing the Investing.ru, it is said in latest monthly forecast of International Energy Agency (IEA).

According to IEA forecasts, oil demand will slow in Japan, Germany, South Korea and India in 2017.

The agency also said that despite the reduction of production by OPEC and non-OPEC member countries, market has huge oil reserves. Despite the compliance with agreements by 98% in February, the stock has continued to rise. According to the IEA forecasts, in 2017 daily oil production in non OPEC countries will rise by 400 mln barrels, or 0.69% and reach 58.1 mln barrels.

Notably, according to the OPEC's report yesterday, Saudi Arabia's daily oil production increased by 263,000 bpd and exceeded the level of 10 mln bpd. However, the country is still in full compliance with its obligation.