ADD TIME： 2020-10-16
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NEW YORK, Oct. 15 (Xinhua)International oil prices fell slightly on the 15th.
Light crude for November delivery fell 8 cents, or 0.19%, to settle at $40.96 a barrel on the New York Mercantile Exchange at the end of the day.London Brent crude for December delivery fell 16 cents, or 0.37 percent, to settle at $43.16 a barrel.
U.S. commercial crude oil inventories fell 3.8 million barrels to 489.1 million barrels last week, according to data released by the U.S. Energy Information Administration on Friday.
The International Energy Agency (IEA) said in its latest monthly oil report Thursday that high global crude oil inventories have been gradually reduced after the peak of the previous outbreak, but the second wave of the outbreak has reduced demand and made it difficult for oil producers to balance the market, foreign media reported.
Global demand for crude oil began to pick up over the summer as economic activity picked up.The IEA said Opec's production cuts had had some effect, in the form of stabilising prices and lower inventories.Global crude inventories fell by 2.3 million barrels in the third quarter and are expected to fall by 4.1 million barrels in the fourth quarter.
Despite the decline, global crude oil inventories remain high.OECD commercial crude oil inventories fell 22.1 million barrels month-on-month to 3.194 billion barrels in August, still 209 million barrels above the five-year average, the report said.There is currently very little room in the oil market to absorb excess supply.
The report predicts global crude oil demand will fall by 8.4 million barrels a day to 91.7 million barrels a day in 2020 and grow by 5.5 million barrels a day to 97.2 million barrels a day in 2021.However, the rebound in demand that began this summer has been tempered by the second wave of the disease, which has created uncertainty about the prospects for global economic recovery and growth in oil demand.
At present, the oil market continues to face the threat of oil supply glut.While OPEC and its Allies remain committed to continuing the deal, analysts say further declines in demand could put pressure on the producers' plans to gradually increase crude output through 2021.
According to foreign media reports, OPEC and its Allies plan to increase oil production by 2 million barrels per day starting in January.Russian Energy Minister Alexander Nouak said OPEC and its Allies still want to be able to increase crude output gradually while abiding by the agreement to cut output.
