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Crude oil (For illustration purposes)

 

The International Energy Agency (IEA) said Wednesday in its Oil Market Report for August that global oil demand in 2015 is expected to grow by 1.6 mb/d, up 0.2 mb/d from IEA’s previous Report and the fastest pace in five years, as economic growth solidifies and consumers respond to lower oil prices. 

According to IEA, persistent macro-economic strength supports above-trend growth of 1.4 mb/d in 2016.

The agency said that world oil supply fell nearly 0.6 mb/d in July, mainly on lower non- OPEC output. OPEC crude production held steady near a three-year high. As lower prices and spending cuts take a toll, non-OPEC supply growth is expected to slow sharply from a 2014 record of 2.4 mb/d to 1.1 mb/d this year and then contract by 200 kb/d in 2016.

 

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