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IEA revises oil demand for 2017 and 2018 up

The International Energy Agency (IEA) today revised its estimates of global oil demand slightly for both this year and next, operators' expectations of a price hike, albeit modest.

Paris, Sep 13 (EFE) .- The International Energy Agency (IEA) today revised slightly its estimates on world oil demand both for this year and for the year. and noted traders' expectations for a modest price increase on the barrel.

In its monthly report on the black gold market, the IEA said that now estimates that consumption will increase by 1.6 million barrels per day in 2017 to 97.7 million and 1.4 million in 2018 to 99.1 million, which in both cases means 100,000 barrels more than it had anticipated in August.

At the same time, he noted that production fell in August by 720,000 barrels per day to 97.7 million barrels per day, something that had not happened for some time four months.

And although some of this decline was due to unforeseen cuts (in particular the impact of the riots in Libya) and well maintenance operations, it also weighed on the fact that OPEC and the countries associated with the production reduction pact met their commitments to a greater extent.

The twelve States of the Organization of American States (OPEC) involved in that pact increased their level of compliance from 86% in the first eight months of the year from 75% in July to 82% in August. another 10 associates respected it (more than 100%), something that had not happened until now.

Extractions from the oil cartel last month were reduced by 210,000 barrels daily to 32.67 million, and particularly Libya, which stood at 0.87 million barrels a day, compared to 1.01 million in July.

500,000 barrels per day of non-OPEC production, to 58 million barrels per day, although that figure remains 1.2 million a year earlier, thanks in particular to the United States, Kazakhstan, Russia, Canada and Brazil.

As for Hurricane Harvey, which affected such a strategic area for the oil market as is the Gulf of Mexico, the authors of the report estimated that extractions decreased by about 200,000 barrels per day in August on average, to be 300,000 in September. particularly affected wells within Texas.

The agency justified its new projections of a larger increase in global demand in view of the dynamics of the second quarter of this year, when the economic recovery in the OECD countries strengthened.

Between April and June, the rise was 2.3 million barrels per day if compared to the same period in 2016, which means the highest year-on-year increase since mid-2015.

The consumption of petroleum products in recent months has shown signs of particularly in the United States and Europe.

On the other hand, the IEA noted that industrial stocks remained stable in July, month.

Thus, they stood at 3,016 million barrels, which means that the difference has been considerably reduced over the average of the last five years.

Esa important statistic to measure the imbalance between supply and demand that had led to the collapse of barrel prices was limited in July to 190 million barrels (214 million a month earlier), and the agency was advancing that the decline could be higher in August and September.

In the case of petroleum products, the "surplus" reserves in the last five years stood at 35 million barrels, and could be reduced to 0 by the end of the year, according to the study authors.

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