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Steady growth in world demand will support the balancing of the oil market

World oil demand will grow at a faster rate this year than expected.

11.Aug.17 1:06 PM
By Daria Zaytseva


Steady growth in world demand will support the balancing of the oil market

This will help to reduce the excess of raw materials in spite of the growth in production in North America and the weak adherence of OPEC to the global pact, the International Energy Agency (IEA) said on Friday.

IEA increased the forecast for the growth of global oil demand in 2017 to 1.5 million barrels per day from 1.4 million barrels per day. The next year the agency expects that demand will grow by another 1.4 million barrels per day.

According to the calculations of the IEA, the level of observance by OPEC of the global oil pact in July fell to a minimum value since the beginning of the year and amounted to 75 percent.

Among the lagging behind are Algeria, Iraq and the United Arab Emirates. Another factor in the pressure of the IEA called the sharp increase in production of raw materials in Libya, which is not included in the global pact.

According to agency forecasts, oil production in countries outside OPEC will grow by 0.7 million barrels per day in 2017 and 1.4 million barrels per day in the following year, mainly at the expense of the United States.

Oil reserves in OECD countries declined in June and July, according to IEA data, but still exceed the average for five years by 219 million barrels.

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