Related Articles
Forward article link
Share PDF with colleagues

Global demand growth this year will double 2014 levels

Demand growth is up 320,000 b/d to 1.4m in 2015

Product market strength and unexpectedly strong oil demand growth generally propped up global crude prices in June. Brent was pegged at around $63.26/barrel as Petroleum Economist went to press, while WTI was trading at $59.63/b. The latest oil market report from the International Energy Agency (IEA) had something for the bulls and the bears. Global demand growth was revised up 320,000 b/d to 1.4m b/d for 2015 as a whole, signaling that price elasticity is alive and well. As a result, this year’s demand growth will be more than double the unusually weak levels recorded in 2014. During the first quarter demand growth surged to 1.7m b/d, from an average 700,000 b/d in 2014. Demand growth al

Also in this section
The oil market has a forecasting problem
14 February 2018
Predicting oil production growth is a perilous task at best. Surging US oil output isn’t helping
Russia back to growth, of a kind
14 February 2018
Petroleum supplies to the international market should rise in 2018
Demand growth now the focus for oil market
8 February 2018
Surging supply threatens to overwhelm balances, unless consumers come to the rescue