Global oil market is facing a deficit in 2019, IEA says

According to the calculations of the International Energy Agency (IEA), the global oil market may face a shortage of raw materials. The reason for this is that experts believe the new agreement OPEC + and the reduction in the supply of black gold from Canada.

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The monthly oil market report, presented by the IEA, reports that global demand for black gold in 2018 and 2019 will remain unchanged at 1.3 million and 1.4 million barrels per day (b / s), respectively. Recall that the forecast for growth in demand for raw materials for the coming year has remained at the same level, despite the significant decline in oil prices since the beginning of October 2018.

According to the monthly oil market report by the IEA, the global demand for black gold in 2018 and 2019 will remain unchanged at 1.3 million and 1.4 million barrels per day (b/s), respectively.

In the current quarter, the price of oil fell by almost a third, bargaining near the $61 per barrel mark from a four-year peak of $87 reached in early October. The IEA believes that support for demand from lower oil prices is offset by a slowdown in global economic growth, especially in emerging markets.

Recall that last week the OPEC countries and other oil producers, including Russia, agreed to cut production by 1.2 million b/d from January 2019. Along with this, the authorities of the Canadian province of Alberta have demanded that oil companies reduce production by 325 thousand b/d from January of next year.

In November of this year, the volume of raw materials mined by the countries of the cartel decreased by 11 thousand barrels per day compared with October. According to the IEA report, they reached 32.965 million b/s, which fits into the strategy to eliminate oil surplus on a global scale.

The material has been provided by InstaForex Company - www.instaforex.com