After global oil demand increased by 770,000 barrels per day last year, the International Energy Agency has revised down its forecast for growth in global oil demand this year to 850,000 barrels per day from the previous forecast of 930,000 barrels per day due to economic uncertainty and the impact of rising oil prices on consumption.
Non-OECD economies are expected to continue capturing the entire estimated increase.
decrease in supply
Global oil supplies fell by 1.2 million barrels per day to 106.6 million barrels per day in January, the agency said in its monthly report published today, due to lower supplies of crude oil from Kazakhstan, Russia and Venezuela, as well as severe winter weather that affected production in North America.
The agency now expects global oil production to rise by 2.4 million barrels per day to 108.6 million barrels per day this year.
Following last year’s global oil demand increase of 770,000 barrels per day, the International Energy Agency has revised down its forecast for growth in global oil demand this year from its previous forecast of 930,000 barrels per day to 850,000 barrels per day due to economic uncertainty and the impact of rising oil prices on consumption.
Non-OECD economies are expected to cover the entire estimated increase.
decrease in supply
Global oil supplies fell by 1.2 million barrels per day to 106.6 million barrels per day in January, the agency said in its monthly report released today, due to lower supplies of crude oil from Kazakhstan, Russia and Venezuela, as well as severe winter weather that has affected production in North America.
The agency now expects global oil production to rise by 2.4 million barrels per day to 108.6 million barrels per day this year.
