Global oil demand to fall from five-year high

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 […]

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By Jacqueline Echevarria

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.