Oil demand growth slows
Global oil demand growth is forecast to slow to 1.2mb/d next year––down from 1.4mb/d in 2015––according to the International Energy Agency (IEA). The organisation’s latest monthly Oil Market Report, published on Friday 10 July, suggested that world oil demand growth had peaked in the first quarter at 1.8mb/d and would continue to ease throughout the rest of the year and into 2016 as temporary support faded. Global oil supply surged by 550kb/d in June, on higher output from both OPEC and non-OPEC producers. At 96.6mb/d, world oil production was 3.1mb/d higher than a year earlier, with OPEC crude and natural gas liquids accounting for 60% of the gain.