IEA: Oil demand growth forecast lowered

08/18/2014
The global oil demand growth forecast for 2014 has been curtailed since last month's report to a more modest 1 million b/d, according to the International Energy Agency's most recent Oil Market Report. The revision was primarily due to lower-than-expected second-quarter deliveries and downgraded macroeconomic outlook from the International Monetary Fund (IMF). Demand growth is forecast to accelerate in 2015 to 1.3 million b/d as the economy improves. Global oil supply in July averaged 93 million b/d, up 230,000 b/d from a month ago and 840,000 b/d from a year ago. With a boost from Saudi Arabia and a tentative recovery in Libyan output more than offsetting losses in Iraq, Iran, and Nigeri...
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