IEA expects world oil demand growth to slow in 2016

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World oil demand growth is forecast to ease closer to a long-term trend of 1.2 million b/d in 2016 as supportive factors that have recently fueled consumption—such as post-recessionary bounces in some countries and sharply falling crude oil prices—are expected to fade, noted the International Energy Agency in its monthly Oil Market Report for November.

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Global oil demand growth in 2015 is expected at 1.8 million b/d, a 5-year high. According to IEA, global demand growth, dominated by gasoline, is likely to have peaked in the third quarter of 2015 at 2.1 million b/d on a year-over-year basis and is expected to ease to 1.5 million b/d in the last quarter. Gains in Europe and non-OECD Asia—notably India, and to a lesser extent China, are particularly strong.

Global oil supplies, including biofuels, breached 97 million b/d in October as output outside the Organization of the Petroleum Exporting Countries rebounded from reduced levels a month earlier, .

OPEC crude oil output held steady in October at 31.76 million b/d with declines in Iraq and Kuwait offset by higher supply from Libya, Saudi Arabia and Nigeria.

source: Reuters

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