18.06.2014 - Forecast of consumption of oil in the world has been upgraded
Ministry of Energy of America raised its forecast of oil consumption growth till 2019 at 7.6 million barrels per day. At the same time, the report notes that Iraq's oil output will fall to 4.5 million barrels per day in the U.S. production volume of low permeable rocks until 2019 will increase to 5 million barrels per day, while North America will become a net exporter of oil. An interesting fact is that the demand for oil is projected to slow down after 2015.
We recall that now oil prices rose on fears of further reduction in supply from Iraq and Libya, where military operations continue, as well as in connection with the possibility of imposing sanctions against Russia. Improving relations between the U.S. and Iran could lead to the lifting of sanctions and increase oil supplies to world markets.
In general, we expect that the oil price will remain high in the next few months and maintain a medium-term positive outlook.
Wish you the profits!
FXFINPRO Capital Analytical department.