Oil prices have accelerated the decline after IEA demand

© RIA Novosti / Vitaly to Timepiece in fotosannette the machine-rocking. Archival photoOil prices have accelerated the decline after IEA demand© RIA Novosti / Vitaly to Timepiece the image Bank

World oil prices have accelerated the decline amid predictions by the International energy Agency (IEA), the demand for raw materials in 2017 and 2018, according to the auction.

As at 13.38 GMT the price of January futures for North sea petroleum mix of mark Brent has decreased on 0,4% — to 62,91 dollars per barrel, the price of December futures for WTI crude oil is up 0.35%, up to 56,55 USD per barrel. Before the publication of the report, the IEA Brent became cheaper by 0.17% and WTI by 0.25%.

The IEA on Tuesday lowered its forecast for oil demand in the world for 2017 and 2018 by 0.05 million barrels per day and 0.2 million barrels per day, respectively.

The growth of demand for oil, according to the November forecast of the Agency, will slow down by 0.1 million barrels per day in 2017 and 2018 up to 1.5 million and 1.3 million barrels per day, respectively. Thus, in 2017 the demand for oil in the world will amount to approximately 97.7 million barrels per day, and in 2018 — 98,9 million barrels per day.

The Outlook revision is associated mainly with the rise in oil prices, expectations of warmer winters and updated market data for August and September at the market, said the IEA.

The Agency also said that countries outside of OPEC, in October, has fulfilled its obligations under the agreement on the reduction of oil production by 107% after 142% in September, reducing production by October 2016 587 thousand barrels per day. At the same time, the cartel countries have fulfilled the agreement in October at 96% after 87% a month earlier.

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