IEA expects weaker crude oil demand in 2017
The IEA reported that global oil markets remain weak due to the ongoing oil glut which rose by 800,000 bpd in July on the back of higher production from OPEC countries, especially in Saudi Arabia. OPEC’s crude oil production rose by 150,000 bpd to reach 33.4 million bpd in July with record high oil output from Saudi Arabia.
However, the IEA expects oil prices to stabilize this year in line with easing oil supply owing to a pick-up in demand from refiners. The agency reported that refiners has been forced to cut production substantially for the first time since 2009 due to slowing demand which helped to relieve oversupply of refined fuels.
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