Rising oil inventories gives the global markets comfortable " 11/14/2015
Rising oil inventories gives the global markets comfortable "
11/14/2015 0 Comments
Said the International Energy Agency's report, issued on Friday, that the arrival of oil stocks to a record level of three billion barrels gives the global markets deal of satisfaction, "adding that the abundance of the stock provides unprecedented protection of geopolitical shocks and sudden disruption of supply. He noted the agency a statement that the world is witnessing an abundance of oil supply After you configure a standard stocks in recent months, although a slowdown in global demand growth and flexibility of supply from outside the Organization of Petroleum Exporting Countries (OPEC) may increase the oversupply next year.
The agency expects that the decline in global oil demand growth to 1.21 million barrels per day in 2016 from the high level of 1.82 million barrels per day this
year., Said that despite the flexibility enjoyed by producers such as Russia, but it is expected to shrink the supply of non-OPEC supply by more than 600 thousand barrels per day next year.
The IEA said that global oil supply exceeded 97 million barrels per day in October to more than two million barrels from a year ago with the recovery of non-OPEC production from the low levels recorded in the previous month.
The IEA raised its estimate of demand for OPEC oil in 2016 by 200 thousand barrels per day to 31.3 million.
IEA expects demand for OPEC oil increases in the second half of 2016 by 1.4 million barrels per day from its level in the first half for up to 32 million barrels per day, which exceeds the current level of production organization.