BAGHDAD: Iraq 's grid News - tipped the International Energy Agency to lead the outlook for theglobal economic slowdown reduced demand for oil over the next year in 2017, compared to this year. The agency said global oil demand will grow, by 1.2 million barrels per day in 2017 , compared to 1.4 million barrels per day during 2016. this represents a decline of 100 thousand barrels per day, about the expectations of the agency last month. in the meantime, there is still excess supply put pressure on the price of crude oil, which fell sharply during the last month. after that the price ofBrent crude to more than $ 52 a barrel, last June, down 14.5 percent in July, due to increased inventories and concerns about future demand. but oil prices jumped by 5 percent, after commentsthe Saudi oil minister Thursday, he said that action may be taken to reduce the excessive production. the price of Brent crude oil increased by 4.2 percent, to $ 45.90 a barrel, US crude rose by 4 percent, to $ 43.37. the increased global supply of oil by 800 thousand barrels per day during July, where the production of OPEC countries rose sharply. the agency said that huge amounts of oil stored represents the pressure on prices. but the agency indicated that the stocks may decline inthe coming months, which could lead to price stability. the agency added that " lower oil prices brought (oversupply) to news headlines, despite the fact that our calculations say that there is no surplus display during the second half of the year. "the agency said that the decline in demand growth has encouraged refiners to cut production for the first time since 2008/2009 . the agency suggested that eventually lead to higher oil prices. she said: "low inventories will increase the appetite of the refineries of crude oil, and helps pave the way to tighten the balance constantly between supply and demand in the oil market."