IEA forecats global oil demand growth to ease
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Global oil demand growth will ease to around 1.2 million barrels per day (bpd) in 2016, below the 1.8 million bpd expansion of last year, according to the forecasts of the International Energy Agency (IEA), published in its April Oil Market Report.
Global oil supplies sank by 0.3 million bpd in March to 96.1 million bpd, with annual gains shrinking to 0.2 million bpd, from 1.7 million bpd a month earlier and 2.7 million bpd a year earlier, according to the IEA's estimates.
The report said that OPEC oil production fell by 90,000 bpd in March to 32.47 million bpd as ongoing outages in Nigeria, the United Arab Emirates and Iraq more than offset a further increase from Iran ans higher flows from Angola. Supply from Saudi Arabia dipped in March but held near 10.2 million bpd, the report said.
IEA expects non-OPEC production in 2016 at 57 million bpd, 710,000 bpd less than the 2015 average.
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