IEA raises global oil demand growth forecast to 5-year high

By FXStreet FXStreet (Mumbai) – The Paris based International Energy Agency (IEA) in its latest report on Friday raised its global oil demand growth forecast by 110k barrels per day to a 5-year high of 1.71 million barrels per day.

Key Points

Oil supply outside OPEC to fall most since 1992, the amount of crude needed from OPEC next year will increase by 1.6 million barrels a day to 31.3 million.

China, the world’s second-biggest oil consumer, will “keep up its purchases” even as signs of slowing growth and the country’s surprise devaluation of its currency fan concerns about its economic stability, the IEA said.

OECD oil inventories rose by a further 18m barrels in July to a record 2923m barrels. Global refinery throughout reached a seasonal peak of 80.9 m barrels in August.

OPEC crude oil output fell by 220k bpd in August to 31.57m bpd.
For more information, read our latest forex news. …read more

Source:: FX Street