The demand for oil across the globe is growing at its fastest pace in five years. The steep rise is down to rebounding economic growth and consumers responding to low prices. But the oversupply is so great it’s expected to last into 2016.
Those are the main findings in a monthly report from the International Energy Agency. The West’s energy watchdog said it saw global oil demand rising by 1.6 billion barrels per day in 2015 which is up 260,000 barrels from its forecast last month, the biggest jump for five years.
Countries which are not part of the Organization of the Petroleum Exporting Countries – OPEC – saw supply growth slowing sharply with the IEA forecasting it will continue through to 2016. The US will be hardest hit said the report.