IEA expects further decline of prices: world oil consumption goes down
The International Energy Agency (IEA) has significantly reduced the forecast of world oil consumption in 2015 and expects further reduction of prices.
In its monthly report IEA forecasts that in 2014 the consumption will grow by 700,000 barrels a day and next year – by 1.1 million up to 93.5 million barrels a day.
“The growth of consumption has, possibly, reached the lowest point. Although the economic forecasts reduce, this year IMF has three times reduced its forecasts and it still expects restoration of economy, though it will be a slower and more unstable process, than it was earlier supposed,” reads the report.
“Reduction of prices is caused both by supply and demand. One will, probably, need further reduction of prices to reduce supply and increase demand,” write the analysts of the Agency.
According to IEA, in 2015 deliveries from the non-OPEC member-states will increase by 1.3 million barrels a day, demand in OPEC oil will total 29.3 million barrels a day, down 200,000 the Agency’s September forecast. In September 2014 OPEC production increased up to 13-month peak of 30.66 million barrels a day with the limitation of 30 million.
IEA emphasized Saudi Arabia’s intention to keep the market share at the expense of increase in production and reduction of prices.
“Having reduced the prices for four months running, Er Riyad has firmly decided to stand up for its part of a more competitive Asian market,” reads the report.—0—
Economics
-
The Green Climate Fund (GCF), an operating entity of the financial mechanism of the UN Framework Convention on Climate Change (UNFCCC) and the body responsible for implementing the Paris Agreement, has included Azerbaijan for the first time in its list of countries eligible for funding.
-
The International Telecommunication Union (ITU), the Permanent Mission of the Republic of Azerbaijan to the UN Office in Geneva and the Ministry of Digital Development and Transport organized for the heads of about 30 diplomatic missions accredited in Geneva a special briefing on the initiative "Green Digital Action", which will be presented during COP29 in November in Baku, the Ministry of Digital Development and Transport of Azerbaijan reported.
-
As a member of the International Renewable Energy Agency (IRENA) Council, Azerbaijan participated in the 28th meeting of this Council in Abu Dhabi (UAE).
-
Azerbaijan’s imports of animal and vegetable fats and oils climbed 23.9% by weight and 16.2% by value from January to September 2024, official data revealed. Despite the uptick in volume, the import cost of these products saw a decrease compared to the same period last year, with the cost per ton of vegetable oil falling by 6.1% to $1,199.6 in 2024, down from $1,278.6 in 2023.
Leave a review