ECONOMY


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

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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