Follow us:
  • Facebook
  • Twitter
  • Google+
  • AppStore
  • RSS
Azernews.Az
Wednesday January 27 2021
  • Latest
  • Nation
  • World
  • Business
  • Oil & Gas
  • Armenian Aggression
  • Nagorno-karabakh conflict
  • Editorial
  • Analysis
  • Lifestyle
  • Events
  • Healthcare
  • Culture
  • Sports
  • Travel
Home
  • Home
  • Nation
  • World
  • Business
  • Oil & Gas
  • Armenian Aggression
  • Nagorno-karabakh conflict
  • Editorial
  • Analysis
  • Lifestyle
  • Events
  • Healthcare
  • Culture
  • Sports
  • Travel

EIA forecasts rise in global oil supply

8 February 2017 15:22 (UTC+04:00)
3 733

By Nigar Abbasova

The U.S. Energy Information Administration has forecasted a jump in global petroleum and other liquids supply in the coming years.

 In its February 2017 Short-Term Energy Outlook, the administration projected an increase up to 98.03 million barrels per day in 2017 and to 99.76 million bpd in 2018.

Earlier in January, the total world petroleum and other liquids supplies were forecasted to reach some 97.23 million bpd in 2017 and 98.86 million bpd in 2018. Global petroleum and other liquids supplies stood at 97.22 million bpd in 2016, according to the EIA.

As for supplies from non-OPEC countries, the volumes are forecasted at the level of 58.48 million bpd in 2017 compared to 57.26 million bpd forecasted in the previous outlook.

 In 2018, supplies from non-cartel states are expected at the level of 59.55 million bpd as compared to 57.92 million bpd in the previous report. Supplies of petroleum and other liquids from non-OPEC countries totaled 58.2 million barrels per day in 2016, according to the administration.

The forecast of the energy statistics provider put downward pressures on oil prices and strengthened worries that global crude markets will remain oversupplied despite OPEC-led efforts to cut output.

The oil prices extended falls from the previous session with Brent crude futures trading at 54.70 per barrel, 35 cents, or 0.64  percent down and U.S. West Texas Intermediate (WTI) standing at $51.68 a barrel, 49 cents, or 0.94 percent down from the previous close.

The EIA said the relatively stable prices in January came as oil market participants assessed news and data on the status of supply from countries participating in the production cuts.

Overall, the EIA forecasts Brent crude oil prices to average $55 per barrel in 2017 and $57 per barrel in 2018, West Texas Intermediate (WTI) crude oil prices are forecast to average about $1 per barrel less than Brent in 2017.

The institution expects U.S. crude output to rise 100,000 bpd to 8.98 million barrels in 2017, and then to jump by more 550,000 bpd in 2018. Apart from higher production forecasts a massive increase in U.S. fuel inventories is also dragging the prices back, minimizing the effect of reductions being implemented by the cartel in tandem with other producers.

Meanwhile, crude inventory data delivered by the American Petroleum Institute (API) revealed a second highest on record increase in the stockpiles. Crude inventories rose by 14.2 million barrels in the last week increasing up to 503.6 million barrels, while expectations of analysts were by far lower standing at only 2.5 million barrels increase.

--

Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova

Follow us on Twitter @AzerNewsAz

 

  • #GLUT IN OIL
  • #OIL PRICE FORECAST
  • #US ENERGY INFORMATION ADMINISTRATION (EIA)
  • #EIA

Related News

EIA increases forecast for Azerbaijan’s oil production volume in 2021

EIA increases forecast for Azerbaijan’s oil production volume in 2021

14 January 14:45
EIA changes forecast for volume of Azerbaijan's oil production in 2021

EIA changes forecast for volume of Azerbaijan's oil production in 2021

10 December 2020 17:41
EIA changes forecast for volume of Azerbaijan's oil production in 2021

EIA changes forecast for volume of Azerbaijan's oil production in 2021

12 November 2020 16:24
EIA forecasts stable oil production in Azerbaijan

EIA forecasts stable oil production in Azerbaijan

11 September 2020 11:10
EIA grades Azerbaijan's oil production volume as stable

EIA grades Azerbaijan's oil production volume as stable

12 August 2020 12:49
EIA changes forecast for volume of Azerbaijan's oil production

EIA changes forecast for volume of Azerbaijan's oil production

8 July 2020 14:36
EIA lowers forecast for Azerbaijan’s oil production

EIA lowers forecast for Azerbaijan’s oil production

13 May 2020 15:10
EIA revises down forecasts for Azerbaijan’s oil output

EIA revises down forecasts for Azerbaijan’s oil output

9 April 2020 14:17
EIA decreases previously forecast oil extraction volume in Kazakhstan for 2020

EIA decreases previously forecast oil extraction volume in Kazakhstan for 2020

30 March 2020 11:10
EIA revises up forecasts for Turkmenistan’s oil production

EIA revises up forecasts for Turkmenistan’s oil production

1 March 2020 13:37
  • Latest
  • Popular
14:18 • Azerbaijan achieves high performance in sugar beet production - Minister of Agriculture
13:50 • Azerbaijan appoints special presidential representative in liberated Shusha
13:40 • Azerbaijan prioritizes support to Karabakh war veterans, martyr families
13:39 • Body of Azerbaijani sailor killed near Nigeria delivered to Azerbaijan [PHOTO/VIDEO]
13:20 • Azerbaijan shows footage from Goyarchinveyselli village of Jabrayil district [PHOTO/VIDEO]
13:01 • National film named best in Bangladesh [VIDEO]
12:50 • Currency rates for Jan.27
12:49 • Miri Yusif to give charity concert to support martyr families
12:21 • National futsal team to face Slovakia and Greece [PHOTO]
12:15 • SOCAR to open petrol stations in Karabakh
12:00 • PACE rejects Armenia’s request on progress of monitoring procedure
11:43 • Anglo Asian Mining to pay out dividends for 2020
11:20 • Minister: Share of non-oil sector in Azerbaijan’s GDP exceeds 70 pct
11:14 • Azerbaijan's Ecology Ministry talks development of entrepreneurship
11:00 • Russian envoy summoned over MP’s anti-Azerbaijani remarks
10:45 • Demining of Azerbaijan's liberated lands continues [VIDEO]
10:30 • Azerbaijan shows footage from Gubadly district's Damirchilar village [PHOTO/VIDEO]
10:15 • FIG cancels Artistic Gymnastics World Cup in Baku
10:00 • AzerGold attracts $109.7m to Azerbaijan's economy in 2020
26 January 20:00 • Russia and Iran open to discuss Karabakh issue
26 January 20:00 • Russia and Iran open to discuss Karabakh issue
26 January 19:44 • Access Bank eyes creating bank branches in Azerbaijani lands liberated from occupation
26 January 17:00 • Some 27 engineering troops servicemen killed in Karabakh war
26 January 19:36 • Armenian Armed Forces blew up bridges, destroyed roads retreating during second Karabakh War
26 January 19:43 • Clearing of mines, unexploded ordnance continuing in liberated Fuzuli district [PHOTO/VIDEO]
26 January 15:38 • Carpet Museum to host international conference
26 January 19:05 • Turkish investments in Azerbaijan's Karabakh to favor opening new jobs - expert
26 January 17:54 • Senior officers unveil details of demining operations in liberated lands
26 January 16:00 • Azerbaijan and ICESCO. New partnership prospects.
26 January 15:19 • Azerbaijan Georgia’s main bitumen supplier in 2020
26 January 14:50 • Azerbaijan-Belarus trade turnover soars in 2020
26 January 18:16 • Colonel talks restored and built roads in liberated lands of Azerbaijan
26 January 16:43 • Number of killed soldiers given to Armenian side by Azerbaijan disclosed
26 January 18:57 • Prices for Azerbaijani oil revealed
26 January 18:00 • Thousands of hectares of cultivatable lands demined in Azerbaijan's liberated districts
10:15 • FIG cancels Artistic Gymnastics World Cup in Baku
26 January 18:33 • Tax exemptions on wheat imports, sales may be extended in Azerbaijan
26 January 18:44 • Azerbaijan Airlines increases flights number on Baku-Nakhchivan route
26 January 17:15 • Sale of gold, silver in Azerbaijan may become tax-free
26 January 17:06 • French MFA's Secretary of State visits Azerbaijan [PHOTO]
See more
AzerNews Newspaper
AzerNews
  • Facebook
  • Twitter
  • Google+
  • RSS

Information

About us Contacts Advertising Azernews In Print

News Archive

© 2021 AzerNews. All rights reserved