The International Energy Agency (IEA) has predicted that the growth in demand for oil will slow down in the coming years, largely because of weaker demand in Europe and China, in its September Oil Market Report.
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The forecast follows global oil supply declining by 400,000 barrels per day in August, falling to 92.9 million barrels per day. Production eased among non-Organisation of Petroleum Exporting Countries (OPEC) as a recovery in Libya failed to offset lower supply from Saudi Arabia and Iraq.
As a result of these findings the IEA has forecast global oil demand growth for 2014 and 2015 to be 900,000 barrels per day and 1.2 million barrels per day respectively. The lower forecast is linked to a pronounced slowdown in the second quarter of this year and a weaker outlook for Europe and China. The organisation now sets demand for 2015 at 93.8 million barrels per day.
September represents the third month in a row that the IEA has trimmed its forecast. The report states, “The recent slowdown in demand growth is nothing short of remarkable.”
The author of the report Antoine Halff says the findings may suggest that the global economic recovery is weaker than some experts think, as oil is a leading indicator.
However, according to the Financial Times, he added, “At the same time you can see more structural changes in consumer behaviour and a shift towards more efficient technologies trickling through the numbers.”
Photo: Steven Straiton via Flickr
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