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IEA � �global supply continues to grow at a breakneck pace�

Oil

The International Energy Agency, in their monthly oil market report noted that the global oversupply of oil, while easing from a �staggering� 17-year high of 3.0M b/d in 2Q15, is projected to persist into 1H16 (despite forecasts of 5-year high oil demand growth of 1.6M b/d y-o-y in 2015). This is due to robust OPEC oil supply (boosted by higher Saudi Arabian and Iraqi volumes) and resilient non-OPEC production, which while slipping from the heights of 2014 was still up 1.2M b/d y-o-y in July. Oversupply is expected to reduce to 1.4M b/d in 2H15 and 850K b/d in 2016 but this would still be sufficient to test �storage limits worldwide�. The first potential stock draw is not expected until 4Q16.