International
Amidst signs of a demand slowdown, higher OPEC output only partly offsets non-OPEC decline: IEA

The newly released International Energy Agency (IEA) Oil Market Report (OMR) for February informs subscribers that having peaked, at a five-year high of 1.6 million barrels per day (mb/d) in 2015, global oil demand growth is forecast to ease back considerably in 2016, to 1.2 mb/d, pulled down by notable slowdowns in Europe, China and the United States. Early elements of the projected slowdown surfaced in the last quarter of 2015.
Global oil supply dropped 0.2 mb/d to 96.5 mb/d in January, as higher OPEC output only partly offset lower non-OPEC production. Non-OPEC supplies slipped 0.5 mb/d from a month earlier to stand close to levels of a year ago. For 2016 as a whole, non-OPEC output is expected to decline by 0.6 mb/d, to 57.1 mb/d.
OPEC crude oil output rose by 280 000 barrels per day in January to 32.63 mb/d as Saudi Arabia, Iraq and a sanctions-free Iran all turned up the taps. Supplies from the group during January stood nearly 1.7 mb/d higher year-on-year.
OECD commercial stocks built counter seasonally by 7.6 mb in December to stand at 3 012 mb at month end, 350 mb above average. Refined products covered 32.3 days of forward demand, 0.1 day above the level at end-November. Preliminary information indicates that inventories have continued building into January.
Global refinery runs fell by 1.3 mb/d in January to 79.8 mb/d, as the onset of seasonal maintenance in the United States and weakening refinery margins curbed runs. Global throughputs nevertheless stood more than 1.7 mb/d above a year earlier, with gains particularly strong in the United States and the Middle East.
-
News2 months ago
OpenAI Strengthens ChatGPT’s Mental Health Safeguards Ahead of GPT-5 Launch
-
OER Magazines4 weeks ago
Dossier – ToP 25 Personalities 2025
-
Dossier4 weeks ago
Arabic Dossier – ToP 25 Personalities 2025
-
Banking & Finance2 months ago
Strong Performance and Strategic Approach: ahlibank announces Its Financial Results for the First Half of 2025
-
Economy2 months ago
Najla Zuhair Al Jamali Appointed President of bp Oman
-
News1 month ago
xAI Open-Sources Grok 2.5, Signaling Accelerated AI Push
-
Alamaliktistaad Magazines4 weeks ago
Al-iktisaad, August 25
-
News1 month ago
Ooredoo Wins Silver Stevie® Award for Diversity and Inclusion Excellence
You must be logged in to post a comment Login