Azernews.Az

By Fatma Babayeva

The International Energy Agency expects the growth of the global oil demand to fall during 2016.

The growth of the global oil demand will slow down to 1.2 million barrels per day in 2016 compared to 1.8 million barrels per day during the last year, IEA forecasts.

The IEA expects that steady oil demand growth and decreasing non-OPEC supply will balance each other in the near future.

The agency estimated that global oil supply also fell by 0.3 million to 96.1 million barrels per day in March.

In accordance to this report, OPEC’s oil output decreased by 90 000 barrels per day to 32.47 million barrels per day due to prolonged fall in the production of Nigeria, United Arab Emirates and Iraq.

Oil deliveries by Saudi Arabia amounted to about 10.2 million barrels per day in March, says IEA.

The agency predicts that oil production by the countries outside OPEC will be 57 million barrels per day in 2016 which is 710 000 barrels less than the production volume of 2015.

OPEC also reduced its expectation for the world oil demand in its April report on the oil market. The decrease in OPEC’s forecasts is mainly related to slower growth in economies of the Latin American countries than expected.

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Fatma Babayeva is AzerNews’ staff journalist, follow her on Twitter: @Fatma_Babayeva

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