Insight

Growth in global oil demand: Wide range of forecasts for 2015 narrows for 2016

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16 October 2015

Growth in global oil demand: Wide range of forecasts for 2015 narrows for 2016

Report summary

Wood Mackenzie's Macro Oils Service projects that growth in global oil demand will ramp up significantly during 2015 from the 0.8 million b/d increase seen in 2014. However, the widely cited IEA report is forecasting an even stronger acceleration in global oil demand this year. This has resulted in a large scale difference between the IEA's forecast and those from other agencies. In this Insight, we will attempt to explain the difference between Wood Mackenzie and the IEA.

Table of contents

  • Comparison with the IEA for 2015 shows wide discrepancy
  • Comparison for 2016 shows narrowing of differences
  • Economic revisions drive IEA 2016 closer to Macro Oils

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