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OPEC}: Crude demand will exceed current production
7/16/2016 0:00
[rtl]LONDON ( Reuters ) -
In its monthly report , the Organization of «OPEC» lowered its forecast growth in oil demand during 2017 to 3 percent , and attributed this to the uncertainty resulting from the British vote for the exit from the European Union and expects the arrival of demand for its oil rate of about 33 million barrels per day in 2017 compared to with 31.86 million barrels per day in 2016.
according to the report , production totaled «OPEC» during the month of June 2016 of crude oil 32.86 million barrels per day. He also pointed to a slowdown in supplies from outside »OPEC« at a rate of 110 thousand barrels per day in 2017 after a decline inproduction outside the «OPEC« more than 800,000 barrels per day in 2016.
Oil prices have fallen from above $ 50 a barrel to $ 47 after British voting out of theEuropean Union. But in general , prices remain less than 50 percent than it was in thesummer of 2014. The remaining {OPEC} optimistic that demand for oil will continue to rise over the next year. According to news reports showed the Organization of thePetroleum Exporting Countries {OPEC} on Tuesday optimistic prospects for the oil market for 2017, saying that the global demand for crude will outstrip current production and shrink the surplus oil inventories.
However , the organization reduced its monthly forecast for world economic growth this year, Ezzat to the increased uncertainty following the British vote for the exit from theEuropean Union , saying that the pace of global oil demand growth will slow slightly in 2017 in its first forecast for the year Almqubl.oukalt OPEC in the report: «after thereferendum , the United Kingdom , which ended up voting for the exit from the European Union intensified case potential economic uncertainty and the negative effects led to modify (expectations) global economic growth for 2016 downward to 3 percent from 3.1 percent ». decline in global production in the context of a parallel, investment bank Goldman Sachs issued a statement warning indicating where that excess supply in theoil market shrinking to a large extent , and this created a state of optimism markets. as an OPEC member Nigeria 's output has fallen in recent weeks from 2.2 million barrels per day to 1.65 million barrels a day. The Venezuela other OPEC member lost 200 thousand barrels per day of production as she is suffering from the deteriorating economic situation. As well as the decline in the production of some major countries importing crude oil as the United States and China in recent weeks, so instead of a fairly large increase in production countries «OPEC «Russia. planning to raise output and infurtherance of the optimism that pervades the oil atmospheres, Minister of Finance and Deputy Prime Minister and Acting Minister of Kuwait Petroleum Acting Anas Saleh revealed that the Kuwaiti government is currently considering a four subsidiary of Kuwait Petroleum Corporation to go public oil companies, expressing at the same time satisfaction with oil prices at $ 50 levels. he said Saleh, in an interview with Bloomberg: the four companies are the Kuwait international Petroleum company, oil tanker company, Kuwait & Foreign Exploration, industries petrochemical and expect good depending on the location Bloomberg that escalating oil prices continue to stabilize in the price range $ 50 to $ 60 a barrel until 2018 as demand for crude oil to rise will continue to market and be able to absorb the glut that led to the erosion of prices in the past two Almadian.oodhav good members should «OPEC} commitment to the policy of pumping the largest possible volumes with the restoration of markets the balance and therecovery of demand in the last quarter of the year. It is worth mentioning that Kuwait has signed new deals with Shell , BP BP companies to raise production. Saleh also pointed to the importance of the commitment of «} OPEC to maintain current production levels, adding that he could not predict what will be decided by «} OPEC at its next meeting in November / October next second to discuss output policy and demand for crude oil.Explaining that he must {OPEC} remain ready to meet the market needs of oil. It produces Kuwait maximum amount possible amounting to 3 million barrels per day since the beginning of the year and may Kuwait produce 300,000 barrels extra a day from Saudi and Kuwaiti neutral zone shared with Saudi Arabia. And in talks between the two countries now in order to find solutions to technical issues hindered earlier production.Kuwait signed agreements with Shell and BP BP to extract more crude oil to raise Kuwaiti production rate of four million barrels per day. Shell will develop Ratqa in northern Alkwyt.oba my British will develop Burgan field in the south of Kuwait City, which is the second largest oil field in the world.[/rtl]
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