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IEA Expects Oil Market to Regain Balance in 2017

Only in 2017, the global oil market will see supply-demand balance, but the enormous stocks being accumulated will act as a dampener on the pace of recovery in oil prices, the International Energy Agency (IEA) said in its Medium-Term Oil Market Report.

"Unless we see an even larger than expected fall in non-OPEC oil production in 2016 and/or a major demand growth spurt it is hard to see oil prices recovering significantly in the short term from the low levels," the report said.

IEA forecasts annual average oil demand growth to 2021 at 1.2 million barrels per day (bpd) or 1.2 percent.

The agency forecasts global oil demand at 95.6 million bps in 2016, 96.9 million bpd in 2017, 98.2 million bpd in 2018, 99.3 million bpd in 2019, 100.5 million bpd in 2020 and 101.6 million bpd in 2021.

In 2015 world oil demand increased by 1.6 million bpd (1.7 percent), one of the biggest increases in recent years stimulated to a large extent by the rapid fall in oil prices that began in the second half of 2014 and gained momentum in 2015, the IEA said.

Global oil supply is forecast by the IEA at 96.7 million bpd in 2016, 97 million bpd in 2017, 97.8 million bpd in 2018, 98.7 million bpd in 2019, 99.5 million bpd in 2020 and 100.5 million bpd in 2021 compared to 96.4 million bpd in 2015.

Source: AzerNews

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