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IEA and EIA reduce global oil demand growth expectations

wallpapers News 2020-11-08

on August 12, the International Energy Agency (IEA) the U.S. Energy Information Agency (EIA) released monthly reports respectively, both top international institutions lowered their expectations for global oil dem growth in 2014 2015. EIA lowered the global oil dem forecast to 91.56 million barrels / day in 2014 92.96 million barrels / day in 2015. The EIA's forecast for global oil dem this year next is 91.62 million B / D 93.08 million B / D, respectively.

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IEA EIA cut the global oil dem forecast for 2014 2015, which is the latest sign of weak global oil dem, which is exerting downward pressure on international oil prices.

IEA said in its latest monthly oil market report that the growth rate of global crude oil dem in 2014 will be lower than previously expected due to the weak global economic outlook the slowdown of global oil dem growth in the second quarter to the lowest level in more than two years. The IEA said crude oil dem is expected to grow by 1.3 million B / D in 2015 due to the improvement of global economic conditions, which is higher than the level in 2014, but is 90000 B / D lower than its previous expectation. This is due to weak economic growth in China Russia, the increase in the use of non petroleum raw materials in Japan's electricity production sector.

IEA said that although some oil producing countries still face the risk of oil production interruption, so far the market is confident that OPEC has the ability to increase oil production. It is estimated that global oil dem for OPEC will increase to 30.8 million barrels / day in the second half of 2015. The IEA said OPEC oil production increased by 300000 B / D in July to 30.44 million B / D, a five month high, as Saudi Arabia increased production Libya's oil production resumed. Despite the decline in oil production in Iraq, Iran Nigeria, Saudi Arabia, OPEC's largest member, increased its oil production by 230000 barrels in July to 10.01 million barrels per day, the highest level since September last year. Libya's oil production in July also nearly doubled to 430000 barrels / day.


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