IEA keeps global oil demand growth forecasts unchanged
Baku, Azerbaijan, March 11
By Aygun Badalova - Trend:
The International Energy Agency (IEA) has kept the forecasts on the global oil demand growth unchanged for 2016 - at 1.2 million barrels per day.
Sharp decelerations in demand growth - particularly in the US and China - pulled global growth down to a one-year low of 1.2 million barrels per day in 4Q15, compared to the year earlier, dramatically below the near five-year high of 2.3 million barrels per day in 3Q15, according to the IEA's Oil Market Report, published on March 11.
Global oil supplies eased by 180,000 barrels per day in February, to 96.5 million barrels per day, on lower OPEC and non-OPEC output, according to the IEA's estimates.
Oil production stood 1.8 million barrels per day above a year earlier, as a slight decline in non-OPEC was more than offset by OPEC gains, the IEA said.
IEA forecasts non-OPEC production to fall by 750,000 barrels per day, to 57 million barrels per day in 2016, 100,000 barrels per day less than in last month's Report.
OPEC crude oil production decreased by 90,000 barrels per day in February to a still-robust 32.61 million barrels per day with losses from Iraq, Nigeria and the UAE partly offset by a substantial rise in flows from post-sanctions Iran, according to the IEA's estimates.
Saudi Arabia, OPEC's largest producer, held supplies steady, the IEA said.