05302016Mon
Last updateFri, 27 May 2016 2pm

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Oil Demand Growth to Pick up Speed Next Year after Holding Steady for 2013

Global demand growth is forecast to rise to 1.1 million barrels per day (mb/d) in 2014, as the underlying macroeconomic backdrop solidifies, the IEA Oil Market Report for September told subscribers. But its forecast for 2013 demand growth remains flat at 895 000 barrels per day (895 kb/d), as stronger–than‐expected deliveries in July offset concerns about the demand impact of currency fluctuations in emerging-market economies.

Global supply is estimated to have fallen by 770 kb/d in August to 91.59 mb/d, with both non‐OPEC and OPEC registering monthly declines. For the full third quarter, non‐OPEC production is expected to rise by 520 kb/d quarter-on-quarter as a seasonal decline in the North Sea is more than made up for by North American growth and steady production elsewhere. 

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