Global oil demand up by 1.6 Mb/d in 2016: BP
Baku, Azerbaijan, June 14
By Leman Zeynalova – Trend:
The year 2016 was a year of adjustment for the oil market, with oil demand again increasing robustly and production growing by less than a quarter (0.4 Mb/d) of that seen in 2015, according to the BP Statistical Review of World Energy.
“Global oil demand grew by 1.6 Mb/d in 2016. As in 2015, this strength was almost entirely due to oil importers, with both India (0.3 Mb/d) and Europe (0.3 Mb/d) posting unusually strong increases. Although, growth in China (0.4 Mb/d) and the US (0.1 Mb/d) was more subdued,” said the report.
BP analysts believe that as in 2015, the strength in oil demand was most pronounced in consumer-led fuels, such as gasoline, buoyed by low prices.
“Oil remained the world’s leading fuel, accounting for a third of global energy consumption. Oil gained global market share for the second year in a row, following 15 years of declines from 1999 to 2014,” said BP.
The Dated Brent oil price averaged $43.73 per barrel in 2016, down from $52.39 per barrel in 2015 and its lowest (nominal) annual level since 2004, according to the report.
Follow the author on Twitter: @Lyaman_Zeyn