Oil demand to slow for the 2nd year in a row: IEAApril 13, 2017 - 16:55 AMT PanARMENIAN.Net - Demand for oil is expected to slow for the second year in a row, the International Energy Agency has said, according to BBC News. The forecast comes after years of excess supply, which last year prompted major oil producers to agree to cuts in output. The IEA said the oil market was now "very close to balance." But the organisation predicted supply would grow in coming months, with US oil-producing firms driving the increase. The IEA said it expected non-Opec production, of which the US and Russia account for the biggest chunk, to rise by 485,000 barrels a day in 2017 to a total of 58.1 million barrels a day. US production had already climbed to 9 million barrels a day in March, up from a September low of 8.6 million barrels per day. The IEA said it expects demand to increase by just 1.3 million barrels a day in 2017, rising to a total of about 97.9 million barrels a day. That is less than the organisation had anticipated previously and could prove an "optimistic" forecast, it said. Photo: Getty Images Related links: Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. Aliyev says no need for mediators in Armenia-Azerbaijan process Azerbaijani President Ilham Aliyev believes that Baku and Yerevan do not mediators in the process of normalizing relations. Aram I supports Karekin II’s “patriotic position” Catholicos of the Great House of Cilicia Aram I has expressed support for the Mother See of Holy Etchmiadzin. |