Oil Output Disruptions to Erode Surplus, Demand May Surprise: IEA - Reuters
According to a headline via Reuters, the International Energy Agency
(EIA) was quoted on Thursday that Unplanned disruption to oil production
in the likes of Canada, Nigeria or Libya could help run down a global
overhang of unused crude this year, while demand will profit from
growing gasoline consumption.
The IEA expects output from non-OPEC producers to fall by 800,000 barrels per day (bpd) in 2016 while on the demand front, the IEA left its forecast for global demand growth broadly unchanged at 1.2 million bpd for this year, but said the risks to future forecasts lay to the upside.
"Any changes to our current 2016 global demand outlook are now more likely to be upwards than downwards, as gasoline demand grows strongly in nearly every key market, more than offsetting weakness in middle distillates," the IEA said in its monthly Oil Market Report.