- OPEC has been good to cut – Hegnar Online

The international energy agency (IEA) is out with a new monthly report.

Global growth in demand seem to be growing for the third month in a row, and is estimated now at 1.6 million barrels per day on an annualized basis in 2016.

Jacks up the demand

the main reasons is the colder weather in Europe, next to the long-term demand growth outside the OECD, such as China and India.

For 2017 is expected to rise to 1.4 million barrels per day, an upward revision of 100,000 barrels from the previous forecast.

the IEA will not make projections on OPEC production during the six months kuttavtalen apply.

- But if the follow-up keeps the level from January, points out the difference between demand and supply globally against a lagertrekk of 600,000 barrels per day, writes the agency.

the Estimate for OPECs January-production is located in 32,1 million barrels per day, after a record-breaking so-called “compliance rate” of 90 per cent. Some producers, primarily Saudi-Arabia, seems to have cut more than agreed.

- Waiting and watching

For the part of “non-OPEC” which is not covered by the kuttavtalen, waiting IEA significant increase in production in for example Brazil, Canada and the united STATES.

These three are expected to contribute with a total production increase of 750.000 barrels per day in 2017.

Nettoendringen for the “non-OPEC”production in 2017, when the cuts from the 11 countries included, is approaching according to the IEA, an increase of 400,000 barrels per day, it is called.

Still high save, plus caution in the market’s ever-assessments of produksjonskuttene and how other manufacturers might want to increase, explains why the Brent oil remained around the mid-50s (that is, in dollars per barrel) since the middle of December, after having raised almost $ 10 in the wake of the kuttavtalen (at the end of november), writes the agency.

the oil market is clearly in a “wait and see mode”, adds the IEA.

Read more here.

oil prices have lifted themselves beyond the morning.

Burned april-oil rises 1.2 per cent to 56,29 dollars a barrel in Friday’s trading, while WTI-oil is up one per cent to 53,54 dollars a barrel.