\ oil demand in 2017

The International Energy Agency expects that world demand for oil in 2017 will increase by 1.6 mln barrels per day year-on-year

The International Energy Agency (IEA) raised its forecast for world oil demand in 2017 by 100,000 barrels per day in comparison with the August forecast to 97.7 mln barrels per day, according to the agency’s September report.

IEA expects that world demand for oil in 2017 will increase by 1.6 mln barrels per day year-on-year. This forecast is 100,000 barrels per day higher than the IEA August forecast.

Global oil commercial stocks remained unchanged in July 2017 at 3.016 bln barrels versus June. “The surplus over the five-year average fell to 190 mln barrels,” the report said.

“OECD product stocks were only 35 mln barrels above the five-year average at end-July and could soon fall below it because of the impact of Hurricane Harvey,” IEA said.

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