The world’s oil demand is forecast to grow to 1.2 million barrels per day (mb/d) in 2016.
The International Energy Agency (IEA) said that’s because of a slow growth in demand the current quarter as it fell to 1.3mb/d from a peak of 2.2mb/d last quarter.
The resulting annual growth of 1.8 mb/d in 2015 was led by China, the US, India and Europe, its Oil Market Report added (OMR).
The IEA stated OPEC crude output accounted “for the lion share” of 50,000 barrels per day increase in global oil supply in November.
Its crude output edged up to 31.73mb/d as record production from Iraq and higher supply from Kuwait offset losses from African members.
Non-OPEC countries’ supply accounted for 58.5mb/d.
The IEA added: “The OMR’s call on OPEC crude and stock change for 2016 was unchanged from the November issue at 31.3 mb/d – a substantial rise of 1.6 mb/d on this year.”