Annual growth in world oil demand in the next five years will be 1.2% - IEA

Almaty. February 10. Silkroadnews - According to the International Energy Agency (IEA), the annual growth in global oil demand over the next five years will be 1.2%,reported the newspaper "Vedomosti".
According to the forecasts, in 2020 global demand will be 99.1 million barrels per day. In the period from 2014 to 2020, demand for oil will increase by 6.6 million barrels per day. The increase in demand by almost 1.5 million barrels will be higher than the growth of world oil production of 5.2 million barrels.
The IEA expects that in 2015 the demand will be 93.3 million barrels of oil per day. Agency predicts that in 2016 the comparable figure will be 94.5 million barrels per day.
Falling of oil prices by more than 50% since June 2014 restricts the production of oil in the market by a decline in investments by manufacturers. Annual growth in world oil production capacities until 2020 will average to 860 thousand barrels per day. By 2020, global production capacity will be 103.2 million barrels per day.
Production in the United States by 2020 will increase by 2.2 million barrels per day, mainly due to the expansion of shale oil. Production in countries outside OPEC in 2020 will reach 60 million barrels of oil per day, increasing on average every year to 570 thousand barrels per day.