Pressure on the oil market will continue in the coming year. In 2018, the proposal is likely to grow faster than demand, although oil consumption will exceed 100 million barrels per day for the first time, the International Energy Agency (IEA), an autonomous international body within the Organization for Economic Cooperation and Development (OECD), advising industrialized countries On energy issues.

IEA experts believe that the forecasted situation will not be affected by the decision of the OPEC countries and other leading oil-producing states to reduce oil production until next March. This is due to the fact that oil production in non-OPEC countries in 2018 will obviously double.

According to the IEA forecasts, oil production in these countries will grow from 700,000 bpd in the current year to 1.5 million barrels in the future and thus slightly exceed the growth of world demand for this raw material.

As a result, global oil reserves will not decrease to the desired volumes by the end of the agreed period of decline in oil production, the agency explains..

13 OPEC countries and 11 other states, including Russia, agreed in late May to extend this period to stabilize oil prices that fell from more than $ 100 a barrel in mid-2014 to less than $ 30 at the beginning of 2016. After some increase, oil prices now fell again below $ 50 per barrel. This is due to a boom in the production of oil shale in the US.

DW.