Oil prices in 2017

Oil prices in 2017 will experience greater volatility, according to the International Energy Agency (IEA) executive director, Fatih Birol:

"What I want to point out is that we are entering a period of much more volatility in the market, although oil markets could rebalance in the first half of 2017 if cuts are made by major oil producers. 
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Birol said that while the OPEC agreement may point to higher oil prices, it also encourages increased production in the United States and elsewhere. Rising prices may also weaken demand, he added.
Birol: "I expect shale oil production in the United States to grow again this year."
Birol explained that his main concern is the lack of investment in new supply after falling prices in the last 2 years, which led to the closing of several projects in the world.
Birol: "If there are no big investments this year, we will see in a few years an important gap between supply and demand that will have serious consequences for the market."



IEA increases growth projection for world oil demand in 2017
The United States Energy Information Administration (IEA) increased its forecast of global oil demand growth by 2017 at 70,000 barrels per day (bpd).
In its monthly forecast, the IEA projected that demand for world crude in 2017 would reach 97.20 million bpd