International Energy: Oil prices rise released kicking off an escalating pace 3/12
The International Energy: Oil prices rise released kicking off an escalating pace
3/12/2016 0 Comments
It confirmed that the International Energy Agency on Friday that oil prices may have reached their lowest levels and begin to recover with the start of a rapid decline in production in the United States and other non-member producers in OPEC and the growth of Iran's production pace is not great.
The agency, which coordinates energy policy for industrialized countries it currently believes that the "production from outside the Organization of Petroleum Exporting Countries will fall by 750 thousand barrels per day in 2016 compared with 600 thousand barrels per day in the previous forecast."
She added that "US production alone would fall by 530 thousand barrels per day in 2016".
She Energy Agency, the Paris-based her that "there are clear signs that the market forces ... achieve positive results and that the producers are reducing high cost of production."
And he stated that "OPEC production fell by 90 thousand barrels per day in February, due to production disruptions in Nigeria and Iraq, the United Arab Emirates."
She continued, that "at the same time Iran was the return to the market less than what he said the Iranians. In February, we believe that the production (of Iran) has increased 220 thousand barrels per day, and it seems at the moment that the return of Iran would be gradual."
The agency noted that "as a result of these factors decreased inventories in industrialized countries members of the Organization for Economic Cooperation and Development for the first time in spite of the rise in crude inventories in floating storage units."
However, the IEA said it expects growth in global inventories of crude oil and petroleum products a lot in the first half of 2016 in the range of 5.1 to 9.1 million barrels per day, but will slow down to 0.2 million barrels per day in the second half, compared with 0.3 million barrels per day in the previous report.
She added , "For the price , there may be light in another long dark tunnel , but do not allow us to ascertain the timing achieve the desired balance in the oil market in 2017 exactly. It is clear that the direction of the current move is the right direction , although there was a long way to go to be cut."