Growth in global oil demand will ease to around 1.2 million bpd in 2016, below the 1.8 million bpd expansion of last year, according to the newly released IEA Oil Market Report (OMR) for April, as notable decelerations take hold across China, the United States and much of Europe.
Preliminary data for the first quarter of 2016 reveal that this is already occurring, with year-on-year growth down to 1.2 million bpd, after gains of 1.4 million bpd in the final quarter of 2015 and 2.3 million bpd in the prior quarter.
