Global oil demand projected to decline, says IEA

Offshore staff

PARIS – Having peaked at a five-year high of 1.6 MMb/d in 2015, global oil demand growth is forecast to ease back considerably in 2016 to 1.2 MMb/d, pulled down by notable slowdowns in Europe, China, and the US, according to the International Energy Agency’s Oil Market Report for February. Early elements of the projected slowdown surfaced in 4Q 2015.

Global oil supply dropped 0.2 MMb/d to 96.5 MMb/d in January, as higher OPEC output only partly offset lower non-OPEC production. Non-OPEC supplies slipped 0.5 MMb/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 0.6 MMb/d to 57.1 MMb/d.

OPEC crude oil output rose by 280,000 b/d in January to 32.63 MMb/d as Saudi Arabia, Iraq, and a sanctions-free Iran all turned up the taps. Supplies from the group during January stood nearly 1.7 MMb/d higher year-on-year.

02/09/2016

Share your news with Offshore at news@offshore-mag.com

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...