"OPEC" expects decline in oversupply in 2017

"OPEC" expects decline in oversupply in 2017

By Roudao 6 hours ago



Roudao - Erbil

Organization of Petroleum Exporting Countries "OPEC" expected, on Wednesday, declining crude oil supply glut in global markets, through the later of the year in 2017.

And based on "OPEC" in this forecast, to the members of the organization and independent producers agreement, to cut their production by 1.2 1,000,558 thousand barrels per day since the beginning of this year, and lasts six months.

FAO noted in its monthly report released today, the slowdown in crude oil demand growth for next year, to 1.16 million barrels per day, the total demand to reach about 95.6 million barrels a day, compared with growth of 1.25 million bpd in 2016.

And hit crude oil prices since mid-2014 to a sharp fall in prices, down from $ 120 a barrel to around $ 27 early last year, and settled for the day at $ 55 a barrel.

Estimated demand for the "OPEC" oil last of 2016, about 31.2 million barrels a day, while the organization expects demand to rise to 32.1 million barrels in 2017, an increase of 900 thousand barrels.

The average production of the OIC Member States last month (December / December), with the exception of Indonesia, which has frozen its membership recently 0.33085000 barrels per day, compared with 33.305 million barrels in the previous month (November).

And showed "OPEC" numbers, declining production of crude oil from Saudi Arabia by about 254 thousand barrels per day in December, to 10.465 million barrels a day, down from 10.72 million barrels in the previous month (November).

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