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
Trade war spills over
7 August 2018
US-China tensions likely to prompt shift in crude, LNG flows
Strategy v market dynamics
2 August 2018
Members must consider a host of complex issues as they wrestle with the problem of managing oil supply
Opec and IEA diverge on world’s capacity cushion
13 July 2018
As trade tensions and disruptions ripple through the market, Opec and the IEA disagree on the risks to supply