IEA: global oil demand to ease back considerably

Oil&Gas Materials 9 February 2016 15:23 (UTC +04:00)

Baku, Azerbaijan, Feb. 9

By Aygun Badalova - Trend:

The global oil demand will ease back considerably in 2016 to 1.2 million barrels per day (bpd) compared to a five-year high of 1.6 million bpd in 2015, according to the international Energy Agency's (IEA) Oil Market Report, published on Feb. 9.

The global oil demand will be pulled down by notable slowdowns in Europe, China and the US, according to the report.

IEA'e estimates show that the global oil supply dropped 0.2 million bpd to 96.5 million bpd in January, as higher OPEC output only partly offset lower non-OPEC production.

Non-OPEC supplies slipped 0.5 million bpd from a month earlier to stand close to levels of a year ago, according to the report.

For 2016 as a whole, IEA forecasts non-OPEC output to decline by 0.6 million bpd to 57.1 million bpd.

IEA estimates that OPEC crude oil output rose by 280,000 bpd in January to 32.63 million bpd as Saudi Arabia, Iraq and a sanctions-free Iran all turned up the taps. Supplies from the group during January stood nearly 1.7 million bpd higher year-on-year.

Total OPEC production in 2015 amounted to 31.846 million barrels per day compared to 30.771 million barrels per day in 2014, according to OPEC latest report.

The official production quota for OPEC production is set at 30 million barrels per day.