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World Oil Supply Non-OPEC oil supply in 2016 was revised marginally lower due to a downward adjustment in Russian oil supply in 4Q16 to now show a contraction of 0.71 mb/d to average 57.3 mb/d,” it had added.
Crude oil price, which stood at over $50 a fortnight ago, crashed to $45 per barrel, yesterday, following increased lull in the market.
For 2017, oil demand growth is anticipated to be around 1.27 mb/d unchanged from the previous report with total oil demand expected at 96.38 mb/d.
China’s 2017 growth was also revised higher to 6.5% from 6.3%, while India’s forecast remains at 7.0%.
However, OPEC had predicted in its May, 2017 oil market report that, “the forecast for global economic growth remains at 3.3% in 2017, compared to growth in 2016 of 3.0%.
BP and Shell profits under renewed pressure as oil price hits 2017 low
GETTY Profits at BP and Royal Dutch Shell have come under pressure as the oil price hits a 2017 lowCrude slumped last week after a shock rise in US stockpiles, up 3.3million barrels to 513million, according to the Energy Information Administration (EIA).
GETTY Further falls in the oil price are anticipatedEven rising tensions in the Middle East, with Saudi Arabia, the United Arab Emirates, Egypt and Bahrain cutting ties with Qatar because of its support for Islamist groups, as well as recent terrorist attacks in Iran, have failed to lift the oil price for long.
Brent crude slipped to about $48 a barrel, its lowest level since December, and analysts said it could go sharply lower.
Opec is fighting a losing battle Chris BeauchampBP and Shell have worked hard to survive cheaper oil by cutting capital expenditure and selling non-core assets, but their fightback is imperilled.
“Opec is fighting a losing battle,” Beauchamp added.
collected by :Jack Alex