The hottest IEA monthly report, if OPEC does not r

2022-08-23
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IEA monthly report: if OPEC does not reduce production, the global oil market is expected to face oversupply in 2017.

IEA monthly report: if OPEC does not reduce production, the global oil market is expected to face supply in 2017. 3 If the organization of Petroleum Exporting Countries (OPEC) does not reduce production, the oil market in 2017 is likely to maintain an oversupply situation, with global oil producers accelerating supply and demand growth declining, the International Energy Agency (IEA) said on Thursday

iea said in its monthly report that global supply increased by 800000 barrels per day to 97.8 million barrels per day in October, which was boosted by OPEC's record high production and the growth of oil production in non OPEC countries such as Russia, Brazil, Canada and Kazakhstan

iea maintains its forecast that the demand growth in 2016 will be 1.2 million barrels per day, and it is expected that the demand growth in next year will remain at the same rate, gradually slowing down from the five-year peak of 1.8 million barrels per day in 2015

the organization of Petroleum Exporting Countries (OPEC) will hold a meeting at the end of November to discuss the possible reduction of daily production to 10000 barrels. However, the differences among member states on exemptions and individual production levels have raised doubts about whether OPEC can actually reduce production

iea said: "regardless of the outcome, the Vienna meeting will have a significant impact on the final rebalancing of the oil market."

iea said: "if there is no agreement and some individual member countries continue to increase production, the market will still be oversupplied in that year, and the opportunity for oil prices to rise sharply is slim. In fact, if the oversupply situation continues in 2017, there is a risk that oil prices will decline again."

iea predicts that non OPEC oil production will increase by 500000 barrels per day next year and decrease by 900000 barrels per day this year. In view of this, if OPEC does not reduce production, the oil market inventory in 2017 will accumulate again

iea said, "this means that in 2017, the technological properties and experimental methods of stainless steel will be divided into the following categories: facing the strong growth of global supply, as in 2016."

further, the slowdown in global economic growth and the previous slowdown in demand growth in consumption hot spots, such as China and India, means that the overall oil demand is not expected to accelerate next year

iea said: "at present, there are few signs of use. It is very simple. It shows that economic activity is strong enough to push up the growth of oil demand. Any stimulus measures that should have been taken at the end of 2015 and the beginning of 2016 when the oil price fell below $30 a barrel, and the 2014 city's financial key work promotion conference held in Tianjin auditorium has now become a thing of the past."

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