On 13th, the International Energy Agency (IEA) said the global oil surplus began to decline, due to stronger growth in demand in Europe and the United States, and the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC reduce their oil production. IEA forecast that the oil demand of 2017 will growth from 1.5 million barrels a day to 1.6 million barrels a day. "OECD demand growth continues to be faster than expected, especially in Europe and the US," the IEA said. The strong demand for industrialized countries is a key factor in the second quarter of global oil demand growth of 2.3 million barrels per day. The second quarter is the quarterly growth in demand since 2015.
On the supply side, global oil production fell by 72 million barrels per day in August due to OPEC members Libya and some non-OPEC countries planned outage and routine maintenance. These non-OPEC oil producers include Russia, Kazakhstan, Azerbaijan, Mexico and the area of North Sea.
This is the first decline in global oil production for four months.
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