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IEA raises 2015 oil demand forecast by 0.3M b/d

Oil

The International Energy Agency (IEA) has raised its forecast for global oil demand in 2015 by 400K b/d from the previous month's estimate to 94.0M b/d. This represents annual growth of 1.4M b/d, up from growth of 0.65M b/d in 2014. Across 1H15, demand is estimated to have increased by 1.6M b/d y-o-y to 93.3M b/d as the top four oil consuming countries all increased their deliveries more than expected. However, growth is expected to slow in 2H15 due to a projected deterioration in OECD growth as �lower-price support potentially wanes and initial post-recessionary bounces in many countries fade.� The organisation also noted that OECD industry oil stocks in April increased by a �steep� 38M bbls to 147M bbls, as refined-product stocks moved to their widest surplus in over four years. �