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IEA expecting slower oil demand growth

IEA expecting slower oil demand growth


 

The International Energy Agency (IEA) has said global oil demand growth will “ease back considerably” in 2016, after hitting a five-year high last year. The organisation’s latest monthly Oil Market Report, issued on Tuesday 9 February, said demand growth would reach 1.2mb/d this year––down from 1.6mb/d in 2015––on the back of notable slowdowns in Europe, China and the US. Global oil supply dropped by 0.2mb/d to 96.5mb/d in January, as higher non-OPEC output only partly offset lower non-OPEC production. Non-OPEC supplies slipped 0.5mb/d from a month earlier to stand close to levels of a year ago. For 2016 as a whole, non-OPEC output is expected to decline by 0.6mb/d to 57.1mb/d.

 

IEA