Insight

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

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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.

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

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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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