ECONOMY


International Energy Agency: This year global oil demand is forecast to be 97.8 million barrels

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Baku, January 19, AZERTAC

Global oil supply dropped by 600 thousand barrels per day in December to 97.6 million barrels per day (mb/d) compared to the previous month, according to the International Energy Agency’s (IEA) Thursday report.

Despite a monthly drop in output, world oil production in December 2016 was 200 thousand b/d above that of December 2015, the report said.

OPEC crude oil output fell by 320 thousand b/d to 33.09 mb/d in December, “after lower Saudi output and disruptions in Nigeria curbed supply,” IEA said.

Additionally, OPEC natural gas liquids and unconventional supply totaled 6.80 mb/d, leading to overall OPEC liquids production, including crude oil output of 39.89 mb/d in December.

“Saudi production fell by 160 thousand b/d due to lower exports and domestic consumption while militant attacks and strike action cut crude oil flows in Nigeria by 110 thousand b/d,” IEA said.

Meanwhile output rose the most in Libya, up 40 thousand b/d, “after the lifting of a two-year pipeline blockade allowed production to resume from a major western oil field,” IEA added.

In December, non-OPEC oil production dropped by 315 thousand b/d to 57.7 mb/d.

IEA forecasts total non-OPEC supply to average 58 mb/d this year, a rise of 385 thousand b/d from 2016.

Additionally, this year global oil demand is forecast to be 97.8 mb/d with a growth of 1.3 mb/d compared to last year.

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