IEA expecting slower oil demand growth
Global oil demand growth is likely to slow next year, according to the International Energy Agency (IEA). The organisation’s latest monthly Oil Market Report, which was published on Tuesday 13 October, showed demand growth slowing from its five-year high of 1.8mb/d in 2015 to 1.2mb/d next year––closer to its long-term trend, as price support is likely to wane. Recent downgrades to the macroeconomic outlook were also said to be filtering through. World oil supply held steady at 96.6mb/d in September, as lower non-OPEC production was offset by a slight increase in OPEC crude. Non-OPEC accounted for just under 40% of the 1.8mb/d annual increase in total oil output.