The IEA lowered its forecast for global oil demand growth to 1.2 million barrels a day for 2017

Almaty. August 11. Silkroadnews –  The International Energy Agency (IEA) lowered its forecast for global oil demand growth to 1.2 million barrels a day for 2017.

According to data published by the IEA, world crude demand will drop from 1.4 million barrels per day in 2016 to 1.2 million barrels per day in 2017. The forecast is 100 thousand barrels per day lower compared to previous expectations due to the vague macroeconomic outlook, the report said.

The IEA experts report, compared with June the global oil output in July 2016 raised by 800 thousand barrels per day.

The IEA forecasted the global oil demand in 2016 to amount to 96.3 million barrels per day.

In July Saudi Arabia increased production to a record level ever, this, given the production growth in Iraq as well, has brought the volume of OPEC countries oil production up to 33.39 million barrels per day (680 thousand barrels higher than in July 2015), which became the highest result for the past eight years.

At the end of 2016, the IEA forecasts, the volume of non-OPEC oil production will decline by 900 thousand barrels per day, while the average price of crude oil in August is expected to stand at about $45 per barrel as a result of demand weakening.