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IEA keeps 2016 global oil demand forecast at 95.9 mln barrels per day

May 12, 12:26 UTC+3
The International Energy Agency's monthly Oil Market Report forcasts growth around 1.2 mln barrels per day, with demand reaching 95.9 mln barrels per day
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© Viktor Drachev/TASS

PARIS, May 12. /TASS/. The International Energy Agency (IEA) kept its forecast on global oil demand for 2016 at 95.9 mln barrels per day.

According to its monthly Oil Market Report, "for the year as a whole, growth will be around 1.2 mln barrels per day, with demand reaching 95.9 mln barrels per day."

Global oil demand growth for 1Q16 was revised upwards to 1.4 mln barrels per day, "led higher by strong gains in India, China and, more surprisingly, Russia," the report said.

Non-OPEC supply is forecast to drop by 0.8 mln barrels per day to 56.8 mln barrels per day in 2016 compared with 2015, down 100,000 barrels per day versus April forecast.

OPEC crude output rose by 330,000 barrels per day in April versus March to 32.76 mln barrels, the highest level since August 2008.

Iranian supply rose to 3.56 mln barrels per day in April (a level last hit in November 2011 before sanctions were tightened) versus 3.3 mln barrels per day in March.

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