The forecasted demand in 2020 is roughly 1 million barrels per day less than what OPEC is now producing. Analysts surveyed by The Wall Street Journal had predicted they would rise by 600,000 barrels.
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Another 191 suspects have been charged with offences including obstruction of highways, possession of weapons and attacking security agents, he said.
2015 has been another awful year for oil prices, finished off in what seems like fitting style with an OPEC meeting that failed to reach a consensus on cutting production, leaving the cartel pumping at record levels just as Iranian crude is about to hit the market, freed from the straitjacket of worldwide sanctions.
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“It’s substantial enough on a short-term basis to make [bearish speculators] in the market nervous”, he said.
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Before the EIA report, benchmark West Texas Intermediate (WTI) crude for February delivery traded up about 2.5% at around $37.05 a barrel.
Rowan Companies plc (RDC) ended last trading session with a change of 3 percent.
Global production now exceeds demand by between 0.5 million and 2 million barrels per day, based on analyst estimates.
Official inventory data will be published later on Wednesday.
The rally in oil prices trickled over to the stock market. One reason for this is the potential for higher exports from the US.
Energy shares led a 0.4 percent gain in the MSCI Asia Pacific Index.
While Wednesday’s rally may have been good for oil producers, many feel it may not be sustainable.
The market has proven a hard taskmaster, with oil prices down more than $70 per barrel from their 2014 peak, a fall in magnitude almost double the current price of a barrel of benchmark crude. Volumes were particularly anaemic on less widely traded contracts.
But as shale output dips and the government eases restrictions on crude exports, the US market could tighten while global supplies swell on sustained high output from Russian Federation and OPEC.
OPEC is confident oil prices will start to rise from next year.
Electric auto fans won’t be happy to hear what the Organization of the Petroleum Exporting Countries (OPEC) has to say about the future of environmentally friendly vehicles. The stock has a 1-month performance of -15.51 percent and is -23.59 percent year-to-date as of the recent close.
Tullow Oil (London Stock Exchange: TLW-GB) was one of the top performers on the STOXX 600, finishing over 10 percent up, with Seadrill (Oslo Stock Exchange: SDRL-NO) and Statoil (Oslo Stock Exchange: STL-NO) also posting strong gains, closing up 4.7 and 5.2 percent respectively.
February futures climbed as much as 1.2 percent in NY.
Corrections & Amplifications: Oil stockpiles had grown in 11 of the last 12 weeks.
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Kevin Baxter, Ryan Dezember and Leslie Josephs contributed to this article.
