Friday, July 10, 2015

Oil headed south all the way to 2016

10 July 2015 IEA (International Energy Agency) OIL MARKET REPORT 
Global oil demand growth is forecast to slow to 1.2 million barrels per day (mb/d) in 2016, from an average 1.4 mb/d this year,
World oil demand growth may  have peaked in the first quarter at 1.8 mb/dn
Global oil supply surged by 550 000 barrels per day (550 kb/d) in June, on higher output from both OPEC and non-OPEC producers.

At 96.6 mb/d, world oil production was  3.1 mb/d higher than a year earlier, with OPEC crude and natural gas liquids accounting for 60% of the gain. n

OPEC crude supply rose by 340 kb/d in June to 31.7 mb/d, a three- year high, led by record high output from Iraq, Saudi Arabia and the United Arab Emirates. OPEC output stood 1.5 mb/d above the previous year.  

OECD industry inventories hit a record 2 876 mb in May, up by a steep 38 mb. Product holdings led the build-up and by end-month covered 30.7 days of forward demand. Global supply and demand balances suggest that the rate of global stock increases quickened rapidly to an astonishing 3.3 mb/d during the second quarter.



 Without risk or responsibility 

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