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The latest tumble in the price of oil, which hit a six-year low in August, is expected to cut non-OPEC supply in 2016 by nearly 0.5 million barrels per day (mb/d) – the biggest decline in more than two decades.
Despite slowing US output of light tight oil, global oil supply growth remained at a steep 3.2 million barrels per day (mb/d) year-on-year in April.
In its April Oil Market Report, the International Energy Agency raised its forecast of 2015 global oil demand by 90,000 b/d to 93.6 million b/d, a gain of 1.1 million b/d on the year and a notable acceleration of the 700,000-b/d growth in 2014, as the global economy slowly gains momentum. Colder-than-year-earlier temperatures in most Organization for Economic Cooperation and Development economies in this year’s first quarter also accounted for part of the upward revision.
Steady climb in global demand growth prompts slight upward revision of 2015 forecast.
A Deloitte MarketPoint analysis suggested large-field projects, each producing more than 25,000 b/d, could bring on 1.835 million b/d in oil supply this year of which 635,000 b/d would be from members of the Organization of Petroleum Exporting Countries and the rest from non-OPEC productions.
The IEA Oil Market Report for December cut the outlook for 2015 global oil demand growth by 230 000 barrels per day (230 kb/d) to 0.9 million barrels per day (mb/d) on lower expectations for the Former Soviet Union and other oil‐exporting countries.
Global oil supply inched up by 35 000 barrels per day (35 kb/d) in October to 94.2 million barrels per day (mb/d)
Unseasonably cold temperatures this week led to big increases in heating demand for natural gas from the residential and commercial sectors. Weather forecasters expect the cold to continue into next week, which will likely result in more natural gas consumption.
World oil demand growth in 2014 is expected to reach 1.05 mb/d, following a downward revision of around 50 tb/d, mainly due to the weaker-than-expected performance of the OECD region.
OPEC: World economic growth for 2014 and 2015 remains unchanged at 3.1% and 3.4% respectively.