- Analytics
- News and Tools
- Market News
- International Energy Agency upgrades its oil demand forecasts
International Energy Agency upgrades its oil demand forecasts
The International Energy Agency (IEA) released its monthly report on Wednesday. The agency upgraded its oil demand forecasts. The IEA expects global oil demand to expand by 1.6 million barrels a day this year, up by 200,000 barrels a day from its previous estimate.
Oil demand in 2016 is expected to be 1.4 million barrels a day.
The agency noted that oil oversupply will persist through 2016.
"While a rebalancing has clearly begun, the process is likely to be prolonged as a supply overhang is expected to persist through 2016 - suggesting global inventories will pile up further," the IEA said.
According to the IEA, low fuel prices lead to higher consumption.
The agency also said that oil supply declined by nearly 600,000 barrels a day in July, driven by lower non-OPEC output.
Non-OPEC oil supply growth is expected to fall to 1.1 million barrels a day this year and by 200,000 barrels a day in 2016, while OPEC oil supply is expected to increase to 30.8 million barrels a day in 2016, up 1.4 million barrels a day from 2015.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
