MOSCOW, February 22 – RIA Novosti Correction fallen oil prices may start in 2017 after aligning supply and demand in the energy market, according to a report by the International Energy Agency (IEA)
As the organization in 2014 and 2015, oil production exceeded demand by 0.9 and 2 million barrels per day, respectively. In 2016, the IEA forecast, the gap will remain and will be 1.1 million barrels per day. Alignment of this indicator is expected only in 2017.
. “At the risk of trying your luck, we should say that today oil market conditions do not mean a sharp rise in prices in the near future – unless there is a geopolitical event of special importance”, – stated in the document.
According to the IEA, global demand for oil, which amounted to 94.4 million barrels per day in 2015 to exceed the psychologically important threshold of 100 million barrels in the period between 2019 and 2020.
The rapid collapse of world oil prices began in 2014. In the summer of 2014 barrel of Brent cost $ 115 in January 2016 the price fluctuated at just above 30 dollars. The main factor exerting pressure on oil quotations, called excess of supply over demand.
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