IEA revises forecasts on global oil demand growth

Jun 14, 2016 12:00 AM

The International Energy Agency (IEA) has revised upwards global oil demand in the first quarter of 2016 to 1.6 million barrels per day (bpd), and now for this year expects growth at 1.3 million bpd.

In 2017 IEA forecasts the same rate of growth with the global oil demand to reach 97.4 million bpd.

"Non-OECD (Organisation for Economic Cooperation and Development) nations will provide most of the expected gains in both years. The growth rate is slightly above the previous trend, mostly due to relatively low crude oil prices," IEA's Oil Market Report, published June 14 said.

Outages in OPEC and non-OPEC countries cut global oil supply by nearly 0.8 million bpd in May, according to the report.

IEA's estimates show that last month global oil output stood at 95.4 million bpd, which is 590,000 bpd below a year earlier, and is the first significant drop since early 2013.

Non-OPEC supply growth is expected to return in 2017 at a modest 0.2 million bpd, after declining by 0.9 million bpd in 2016.

OPEC oil output fell by 110,000 bpd in May to 32.61 million bpd as big losses in Nigeria due to oil sector sabotage more than offset higher Middle East output, according to the IEA's estimates.

Iran has clearly emerged as OPEC's fastest source of supply growth this year, with an anticipated gain of 700,000 bpd, the report said.

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