Non-OPEC production is estimated to fall by 12% this year. That accounts to around 750,000 barrels per day (b/d) to 74 million barrels b/d, according to the International Energy Agency (IEA). The reduction is also 100,000 b/d less than the IEA’s forecast last month. It’s latest Oil Market Report (OMR) added global supplies eased by 180,000 b/d […]

Oil demand growth is forecast to ease back “considerably” in 2016. It will be reduced to 1.2 million barrels per day (mb/d), according to the International Energy Agency (IEA). Oil demand peaked to 1.6mb/d in 2015. In its Oil Market Report (OMR) for February, the IEA stated demand will be pulled down by “notable slowdowns” in Europe, […]

Global demand for oil is expected to fall next year due to a slow-down in economic growth, according to the International Energy Agency (IEA). Its ‘Oil Market Report’ (OMR) showed oil demand would grow only by around 900,000 barrels a day this year. For 2013, weaker economic growth worldwide could cut 400,000 barrels a day […]