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2016-07-13 13:43:00

2017: RISING OIL DEMAND

2017: RISING OIL DEMAND

BLOOMBERG wrote, OPEC forecast higher demand for its crude next year as the global surplus fades, while Saudi Arabia pumped near-record levels amid peak summer consumption.

The 14 members of the Organization of Petroleum Exporting Countries, including new member Gabon, will need to produce about 33 million barrels a day next year, 142,000 a day more than June output, the group said in its first assessment of 2017. Global demand will increase at the same pace as 2016 while production outside OPEC will fall.

"Market conditions will help remove overall excess oil stocks in 2017," the organization's Vienna-based research department said in its monthly market report. "The contraction seen this year in non-OPEC supply is expected to continue in 2017, but at a slower pace."

Oil prices have recovered more than 70 percent from the 12-year low reached earlier this year as OPEC's strategy to pressure rivals with lower prices slowly succeeds in eliminating a surplus. Output in the U.S. has retreated to a two-year low as the boom in shale oil production faltered, while Saudi Arabia told OPEC it raised output last month close to a record.

Near-Record Production

Saudi production increased by 280,000 barrels a day to 10.55 million, the kingdom told OPEC. That's close to the record 10.564 million pumped last June. The country's output typically peaks in the summer as domestic power demand for air conditioning surges.

A separate set of numbers included in the report that OPEC compiles from external sources showed a lower level for Saudi Arabia in June, at 10.308 million barrels a day. No explanation was given for the discrepancy.

Global oil demand will increase by 1.2 million barrels a day next year to reach an average of 95.3 million a day, with almost all of the growth concentrated in emerging economies such as India and China. Oil production outside OPEC will fall by 100,000 barrels a day to 55.9 million a day, as growth in Brazil and Canada is eclipsed by declines in Mexico, the U.S. and Norway, according to OPEC. That's smaller than the contraction of 900,000 barrels a day expected this year.

Output from OPEC's 14 nations increased by 264,100 barrels a day to 32.858 million a day in June, according to external sources cited by the report. Gabon re-joined the group as of July 1.

-----

Earlier: 

WBG: GLOBAL GROWTH DOWN TO 2.4% 

IEA: NEGATIVE OIL PRICES 

THE TIMES ARE BETTER: $45 BLN 

WORLDWIDE RIG COUNT DOWN 729 

SLOW ASIAN DEMAND

 

 

Tags: OIL, PRICES, DEMAND

Chronicle:

2017: RISING OIL DEMAND
November, 15, 15:25:00

ЦЕНА НЕФТИ: СНОВА ВЫШЕ $61

РЕЙТЕР - К 9.32 МСК фьючерсы на нефть сорта Brent опустились на 1,27 процента до $61,42 за баррель. Фьючерсные контракты на американскую нефть WTI к этому времени торговались у отметки $55,07 за баррель, на 1,13 процента ниже предыдущего закрытия.

2017: RISING OIL DEMAND
November, 15, 15:20:00

IEA COOLS THE MARKET

BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.

2017: RISING OIL DEMAND
November, 15, 15:15:00

IEA: GLOBAL ENERGY DEMAND UP BY 30%

Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.

2017: RISING OIL DEMAND
November, 15, 15:10:00

RUSSIA'S OIL EXPORTS UP

Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.

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