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Global oil demand growth set to slow in 2016 � IEA

Oil

Global oil demand growth is set to slow to 1.2M b/d in 2016, writes the International Energy Agency (IEA) in their latest monthly Oil Market Report. This is 150K b/d lower than the prior month's forecast and down from a five-year high of 1.8M b/d in 2015. Recent downgrades by international organisations to the global macroeconomic outlook and expectations that crude oil prices will not see repeats of the heavy losses of 2015 were noted as reasons for the revision. Meanwhile, the IEA estimates that global oil supply held steady around 96.6M b/d in September, with lower non-OPEC product offset by an increase in OPEC crude output. OECD commercial oil inventories grew by another 28.8M bbls in August (double the average five-year average build for the month) to 2.94Bn bbls.