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The monthly Oil Market Report (OMR) from the International Energy Agency provides extensive analysis on world oil market trends as well as projections for oil supply and demand 12-18 months ahead. Developed from information obtained from the extensive IEA network of contacts with government and industry, it is the only regular, short-term analysis of the global oil industry available and has become an authoritative source for government officials and market and industry strategists alike.

Global oil demand growth is slowing at a faster pace than initially predicted: for the fourth quarter of 2017, a gain of 1.1 mb/d is expected. It is caused by uncertain macroeconomic conditions.

World oil supplies fell by 0.7 mb/d in the second quarter of 2016, dragged lower by non-OPEC. Despite OPEC production of near-record levels, supply from OPEC was unable to completely offset steep non-OPEC declines. Non-OPEC supply is expected to return to growth in 2017.

As for OECD oil demand by product, motor gasoline and gas/diesel oil made most of the gains, while residual fuel oil remained in deep decline compared with the same period of 2015.

OPEC crude oil output edged up 30 kb/d in 2015 to 32.29 mb/d as producers in the Middle East increased production. Crude oil output in Iraq and Saudi Arabia increased the most, while production in Nigeria showed the largest decrease.

 

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