Experts of the International energy Agency (IEA) stated that the return of Iran to the global oil market was “less dramatic” compared with expectations, and the country is likely to increase production gradually. This is stated in the review released today by the IEA.
As specify in the Agency, following the results of February 2016 the Organization of countries-exporters of oil (OPEC) lowered overall oil production by 90 thousand barrels a day compared with January to 32,61 million barrels a day, according to “Finmarket”.
The decrease of oil production in Iraq, Nigeria and UAE together at 350 thousand barrels per day was partially offset by growing production of Iran, which last month increased the oil production of 220 thousand barrels.
Oil production in Saudi Arabia was stable.
Earlier today it became known that the IEA raised its forecast for oil demand in the world in 2016 to 95.8 million barrels a day.
In this case, specifies “Interfax”, in the Agency believe that the freezing of oil production the main producers at the level of January will not give a rapid effect to stabilize the market.
Meanwhile, the oil rises in price on Friday on signs of increased demand for fuel in the U.S. and reduce the extraction of raw materials, morning the price of Brent approached $41 a barrel.
Reserves of gasoline in the U.S. last week fell to a 4.53 million barrels, distillates — by 1.12 million barrels. The demand for motor fuel during the last 4 weeks have averaged 9.33 million barrels per day, a record since September last year.