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Oil markets may have bottomed: IEA

by ChemOrbis Editorial Team -
  • 11/03/2016 (17:39)
According to media reports, the International Energy Agency (IEA) reported in its monthly report that oil prices might have bottomed as oil production in the United States and other non-OPEC producers declined and the increase in Iranian supply has not been that dramatic. The agency also reported that OPEC countries oil production fell by 90,000 barrels of oil per day (bpd) in February due to production outages in Nigeria, Iraq and the United Arab Emirates.

The IEA said that they believe that Iran’s oil output increased by 220,000 bpd, which confirm that the country’s return to the market will be gradual. Iran previously stated that they are planning to increase oil production as much as 1 million bpd following the removal of sanctions.

According to the IEA, oil production from non-OPEC members will fall by 750,000 bpd in 2016, up from its earlier estimate of 600,000 bpd. The agency also said that the US oil output would decline by 530,000 bpd this year.

Regarding the demand side, the agency expects stable demand from the US this year but it claimed that if prices remain firm, there would be further weakness. Demand from China will grow only 330,000 bpd this year, well below the 10-year average of 440,000 bpd. The IEA said that this year that demand will be mostly supported by India and other smaller non-OECD Asian economies along with the Middle East.
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