World oil demand in 2017 is expected to increase by 1.2 million barrels per day, compared with an increase of 1.4 million barrels per day this year, the International Energy Agency (IEA) predicts.
According to the agency's experts, the slowdown in the increase in demand will be the result of the gradual disappearance of support provided by low quotations of raw materials.
The IEA downgraded its forecast for total demand growth in 2017 by 100 thousand barrels per day, due to less optimistic macroeconomic forecasts. Although, the forecast for this year has not changed compared to the new report on the oil market.
According to IEA estimates, crude oil shipments in July 2016 increased by 0.8 million barrels per day compared to June, due to increased production in OPEC countries that do not belong to cartels. Production compared to last year remained lower by 215 thousand barrels per day. The IEA predicts production outside OPEC this year will decline by 0.9 million bpd and will grow by 0.3 million bpd in 2017.
IEA expects slowdown in oil demand growth
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