Coronavirus continues to dictate the terms of production and refining of oil in the world, making monthly revised forecasts of key indicators. Thus, the International energy Agency (IEA) more upbeat looked at the forecast for the annual demand for oil in the world, but the fall remains a record. Also multi-year highs hit the volume of commercial stocks in producing countries, and the size of production to minimum levels.IEA has improved by 0.7 million barrels per day forecast for oil demand in 2020 against the background of easing of the quarantine, to 8.6 million barrels per day, which is still a historical high. In the monthly report noted that the mobility of the population in Europe and the United States, as well as revival of demand in China was at a higher level than expected, and “economic activity began a gradual but fragile recovery”. According to calculations of the organization, by the end of may the number of persons in isolation will be reduced from 4 billion to 2.8 billion, but there will remain significant uncertainty. “The big question is whether the government can mitigate quarantine measures, without causing recurrence of outbreaks COVID-19″— according to the IEA.At the same time, the report says, in the second quarter global demand for oil may fall to 79.3 million barrels per day, 3.2 million barrels less than the April forecast. Last month, the consumption decreased to 25.2 million barrels a day year on year.Global download of the refinery in the second quarter, according to IEA, will drop to 13.4 million barrels per day, at the end of the year to 6.2 million barrels per day. The report noted that the peak decline in global activity in the processing has shifted to may, in connection with which a performance evaluation in April was revised based on new data and higher demand. The IEA indicates that a storage in early may was not enough and several refineries in Europe, Asia and Africa closed indefinitely. According to the Agency, commercial oil stocks in OECD countries in March 2020 at the level of 2.96 billion barrels was above the average for the last five years. In the USA the volume of industrial oil stocks in April increased by about 54 million barrels in Europe and Japan — 3 million barrels. Oil stocks in floating storage in April grew by almost 10 million barrels — up to 123,8 million barrels.This will be the minimum value over the past nine years. The report noted that oil supply from other countries outside the OPEC deal+ primarily USA and Canada, in April has fallen to 3 million barrels a day, compared with the beginning of the year. In June, the fall could reach 4 million barrels per day, with prospect of further growth.As explained by the IEA, oil production in the United States is falling faster than expected, due to the closure of wells the companies for the background�� of falling demand and oil prices. Activity in shale formations has fallen to record low levels, and almost all manufacturers have closed inefficient production facilities, the report said.Olga Marusenkov is the largest-ever production cuts to netikette next
