Global oil demand is forecast to fall to 1.2 million barrels per day (mb/d) next year.
That’s according to a new report from the International Energy Agency (IEA), which stated the reduction follows a five-year high of 1.8 mb/d in 2015.
The IEA’s ‘Oil Market Report for November’ added global supplies breached 97 mb/d last month as non-OPEC output recovered from lower levels the previous month.
Supply from those countries is expected to be reduced by more than 0.6 mb/d in 2016.
On the other hand, the IEA added: “OPEC crude supply held steady in October at 31.76 mb/d, with declines in Iraq and Kuwait offset by higher supply from Libya, Saudi Arabia and Nigeria.”
Low oil prices could threaten energy security, according to the IEA.