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According to the International Energy Agency, global oil demand is expected to ease back considerably in 2016. “Having peaked, at a five-year high of 1.6 million barrels per day (mb/d) in 2015, global oil demand growth is forecast to ease back considerably in 2016, to 1.2 mb/d, pulled down by notable slowdowns in Europe, China and the United States,” the newly released IEA Oil Market Report (OMR) for February says. As per the report, global oil supply dropped 0.2 mb/d to 96.5 mb/d in January, as higher OPEC output only partly offset lower non-OPEC production. Non-OPEC supplies slipped 0.5 mb/d from a month earlier to stand close to levels of a year ago. For 2016 as a whole, the report says, non-OPEC output is expected to decline by 0.6 mb/d, to 57.1 mb/d. OPEC crude oil output rose by 280 000 barrels per day in January to 32.63 mb/d as Saudi Arabia, Iraq and a sanctions-free Iran all turned up the taps. Supplies from the group during January stood at nearly 1.7 mb/d higher year-on-year, says the IEA.
According to the International Energy Agency, global oil demand is expected to ease back considerably in 2016. “Having peaked, at a five-year high of 1.6 million barrels per day (mb/d) in 2015, global oil demand growth is forecast to ease back considerably in 2016, to 1.2 mb/d, pulled down by notable slowdowns in Europe, China and the United States,” the newly released IEA Oil Market Report (OMR) for February says. As per the report, global oil supply dropped 0.2 mb/d to 96.5 mb/d in January, as higher OPEC output only partly offset lower non-OPEC production. Non-OPEC supplies slipped 0.5 mb/d from a month earlier to stand close to levels of a year ago. For 2016 as a whole, the report says, non-OPEC output is expected to decline by 0.6 mb/d, to 57.1 mb/d. OPEC crude oil output rose by 280 000 barrels per day in January to 32.63 mb/d as Saudi Arabia, Iraq and a sanctions-free Iran all turned up the taps. Supplies from the group during January stood at nearly 1.7 mb/d higher year-on-year, says the IEA.
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