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Expectations of a decline in oil demand growth in 7102
8/13/2016 0:00
[rtl] Affected by a slowdown in the global economy
capitals - BBC
suggested the International Energy Agency to lead the outlook for the global 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 theagency last month. In the meantime, there is still excess supply put pressure on theprice of crude oil, which fell sharply during the last month. After reaching the price ofBrent crude to more than $ 52 a barrel in June, down 14.5 percent in July, due toincreased inventories and concerns about future demand. But oil prices jumped by 5 percent, after comments by Saudi Oil Minister Thursday, he said that action may betaken 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. And increased theglobal supply of oil by 800 thousand barrels per day in July, where the production ofOPEC countries rose sharply. The agency said that the huge amounts of stored oil represents pressure on prices. But the agency indicated that the stocks may decline in the coming months, which could lead to price stability. She added that " the decline in 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.orjeht that can ultimately result in an increase in 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. "[/rtl]
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