The International Energy Agency expects that in 2017, the oil demand will grow at a slower pace than in 2016 due to the weaker economic prospects, transmits BBC.

The global demand for oil will grow by 1.2 million barrels per day (bpd) next year, down from 1.4 million barrels per day this year, a reduction of 0.1 million barrels a day compared to the IEA estimate from July.

The increase in supply and the fears about the global economic outlook will put further pressure on the oil price, warns IEA. At ICE Futures exchange, the price of Brent oil, with delivery in October fell Thursday morning at $ 43.96, below the almost 53 dollars recorded in June.

For next year IEA expects the increase in production of the countries not members of the Organisation of Petroleum Exporting Countries (OPEC) by 0.3 million barrels per day, mainly due to the entry into service of the huge Kashagan deposit in Kazakhstan.

As a result, IEA reduced the estimates regarding the OPEC oil production in 2017 by 0.2 million barrels a day to 33.5 million barrels per day. In July, the OPEC production was located at 33.39 million bpd, following the record levels in Saudi Arabia, Kuwait and UAE.

IEA is the main advisory body on energy issues of the most developed 29 countries. The Agency was established in response to the first oil crisis in 1973-1974 to coordinate the release of reserve oil stocks.