Oil demand growth to slow: IEA
Growth in global oil demand will ease to around 1.2mb/d in 2016––below the 1.8mb/d last year––according to the International Energy Agency (IEA). In its monthly Oil Market Report, issued on Thursday 14 April, the organisation said that notable decelerations had taken hold across China, the US and much of Europe. Preliminary data for the first quarter of 2016 showed that this was already occurring, with year-on-year growth down to 1.2mb/d after gains of 1.4mb/d in Q415 and 2.3mb/d in the preceding quarter. Global oil supplies sank by 0.3 mb/d in March to 96.1 mb/d, with annual gains shrinking to 0.2 mb/d, from 1.7 mb/d a month earlier and 2.7 mb/d a year earlier.