IEA: Non-OPEC output to decline by 12% in 2016

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 to ease back in 2016, says IEA

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, […]

Slow economic growth could reduce oil demand, says IEA

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 […]