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.