IEA cuts outlook for 2017 oil demand growth, sees second straight annual drop
14 April, 2017, 16:21
However, the IEA now expects global oil demand to grow a bit more slowly over the course of 2017, by about 1.3m b/d, which is down from the 1.4m b/d increase seen in its previous forecast.
"The main impetus comes from the USA, where monthly data shows that output reached 9 million barrels per day in March, up from a trough of 8.6 million barrels per day in September 2016", said the IEA.
The compliance rate with the agreement among OPEC members and some non-members, including Russian Federation, "has been impressive", the International Energy Agency (IEA) said in its monthly oil market report, giving a lift to oil prices.
Brent for June settlement rose 3 cents to $55.89 a barrel on the London-based ICE Futures Europe exchange.
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"The signs are that OPEC has delivered on the output cuts and while they continue to do so, that'll put a floor under oil prices", said Michael McCarthy, chief markets strategist at CMC Markets in Sydney.
"This would provide further support to prices, which in turn would offer further encouragement to the USA shale oil sector and other producers", the IEA added.
The Paris-based group, which advises oil-importing countries, expects USA output to climb by 680,000 barrels a day this year, higher than its previous forecast.
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The drawdown was well above what analysts had been expecting and more than the 1.3 million barrel drop reported Tuesday by industry group the American Petroleum Institute.
OPEC remains in full compliance with the agreed deal.
"The net result is that global stocks might have marginally increased in 1Q17", it said.
The EIA's report also showed that US crude production last week increased by 36,000 barrels per day to a total of 9.235 million barrels a day.
The IEA also warned global energy demand growth could weak this year as Russia, India, Korea, the United States and some Middle Eastern countries slow.
"So far, the game has gone fairly well for producers", the IEA says, noting that Opec has over-complied while the others are starting to contribute. In March, OPEC production declined by 365,000 barrels per day to 31.68 million barrels per day.
The IEA said it raised its second-quarter demand forecast but cut for the second half of the year.
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