Energy demand: global oil demand is accelerating
17/3/2018 12:00 am
The International Energy Agency (IEA) said global oil demand growth is expected to accelerate this year, but supplies are still growing at a faster pace, leading to higher inventories in the first quarter of this year.
The agency raised its forecast for world oil demand in 2018 to 99.3 million barrels per day from 97.8 million bpd in 2017.
Commercial oil stocks in the industrialized countries of the Organization for Economic Co-operation and Development in January increased for the first time in seven months to 2.871 billion barrels, By 53 million barrels over an average of five years.
The agency, which advises Western governments on energy policies, said January's stockpile increase of 18 million barrels above the December level was close to half of the usual increase in this time of year.
The agency said that Venezuela had cut its oil production by about 50 percent in two years to low levels not seen in more than ten years, may cause a new decline in stocks.
The Organization of the Petroleum Exporting Countries (OPEC) and other producers are implementing an agreement to cut production to around 1.8 million barrels per day (bpd) from January 2017 until the end of 2018. With
OPEC output unchanged for the rest of the year, the International Energy Agency said it expected a slight increase in OECD stockpiles in a quarter The first of the current year with decreases thereafter.[/rtl]