10 July 2015 IEA (International Energy Agency) OIL MARKET REPORT
Without risk or responsibility
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.
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