IEA global oil demand forecast up

Global demand for oil is expected to increase this year. It is estimated to rise to 1.4 million barrels per day (mb/d) in 2015, according to the International Energy Agency. In […]

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By Jacqueline Echevarria

Global demand for oil is expected to increase this year.

It is estimated to rise to 1.4 million barrels per day (mb/d) in 2015, according to the International Energy Agency.

In its latest report for June it said non-OPEC countries’ supply in May fell by 155,000 barrels per day to 96mb/d due to lower output.

However, it is higher compared to the same period last year.

Oil supply forecast in these countries is one million barrels per day for this month.

Annual growth slowed from March and April and “remained roughly split between non-OPEC and OPEC countries”.

OPEC countries’ supply rose by 50,000 barrels per day in May to 31.33mb/d, the highest rate since August 2012.

Monthly output in Saudi Arabia, Iraq and UAE was at a record high, with more than one million barrels per day above OPEC’s supply target for the third month running, stated the report.