{"id":5151,"date":"2016-09-13T16:29:53","date_gmt":"2016-09-13T16:29:53","guid":{"rendered":"http:\/\/www.oilnewskenya.com\/?p=5151"},"modified":"2017-01-24T19:00:23","modified_gmt":"2017-01-24T19:00:23","slug":"global-oil-demand-slowing-at-a-faster-pace-than-predicted","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/global-oil-demand-slowing-at-a-faster-pace-than-predicted\/","title":{"rendered":"Global oil demand slowing at a faster pace than predicted"},"content":{"rendered":"<p>Global oil demand growth is slowing at a faster pace than initially predicted, the newly released IEA\u00a0<em><a href=\"http:\/\/www.oilmarketreport.org\/\">Oil Market Report<\/a>\u00a0<\/em>\u00a0(<em>OMR<\/em>) for September informs subscribers. For 2016, a gain of 1.3 mb\/d is expected \u2013 a downgrade of 0.1 mb\/d on our previous forecast due to a more pronounced 3Q16 slowdown. Momentum eases further to 1.2 mb\/d in 2017 as underlying macroeconomic conditions remain uncertain.<\/p>\n<p>Meanwhile world oil supplies fell by 0.3 mb\/d in August, dragged lower by non-OPEC. At 96.9 mb\/d, global oil output was 0.3 mb\/d below a year ago, but near-record OPEC supply just about offset steep non-OPEC declines. Non-OPEC supply is expected to return to growth in 2017 (+380 kb\/d) following an anticipated 840 kb\/d decline this year.<\/p>\n<p>OPEC crude production edged up to 33.47 mb\/d in August &#8211; testing record rates as Middle East producers opened the taps. Kuwait and the UAE hit their highest output ever and Iraq lifted supplies. Output from Saudi Arabia held near a record, while Iran reached a post-sanctions high. Overall OPEC supply stood 930 kb\/d above a year ago.<\/p>\n<p>The anaemic outlook for refining throughput extends further amid downward revisions to our 2H16 forecast. Refinery runs in 2016 are set to grow at the lowest rate in a decade.<\/p>\n<p>OECD total inventories built by 32.5 mb in July to a fresh record of 3 111 mb. As refinery activities reached a summer peak, crude oil inventories refused to decline until an exceptional storm-related draw hit the US in late August.<\/p>\n<p>Oil prices rallied in early August, rising from four-month lows near $42\/bbl to briefly above $50\/bbl amid peak summer demand for crude oil, which is expected to lead to the first quarterly crude stock draw in more than two years. At the time of writing, Brent futures had retreated to around $48.45\/bbl while WTI was at $46.35\/bbl.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global oil demand growth is slowing at a faster pace than initially predicted, the newly released IEA\u00a0Oil Market Report\u00a0\u00a0(OMR) for September informs subscribers. For 2016, a gain of 1.3 mb\/d &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/global-oil-demand-slowing-at-a-faster-pace-than-predicted\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":4818,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[11],"tags":[5131,538,581,5130,5132,1827,5133,2129],"class_list":["post-5151","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-brent","tag-crude-oil","tag-demand","tag-iea","tag-oecd","tag-oil","tag-oil-market-report","tag-refinery","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/07\/oil-workforce.jpg?fit=448%2C299&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-1l5","jetpack-related-posts":[{"id":12769,"url":"https:\/\/www.oilnewskenya.com\/index.php\/opec-launches-2022-edition-of-the-world-oil-outlook-at-adipec\/","url_meta":{"origin":5151,"position":0},"title":"OPEC Launches 2022 Edition of the World Oil Outlook at ADIPEC","author":"","date":"November 1, 2022","format":false,"excerpt":"The 2022 OPEC World Oil Outlook (WOO) was today launched at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2022 in the United Arab Emirates (UAE). First published in 2007, the WOO offers a detailed review and assessment of the medium- and long-term prospects for the global oil and\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/11\/ADIPEC.jpg?fit=1200%2C726&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/11\/ADIPEC.jpg?fit=1200%2C726&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/11\/ADIPEC.jpg?fit=1200%2C726&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/11\/ADIPEC.jpg?fit=1200%2C726&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/11\/ADIPEC.jpg?fit=1200%2C726&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":8571,"url":"https:\/\/www.oilnewskenya.com\/index.php\/opec-launches-its-2020-annual-statistical-bulletin\/","url_meta":{"origin":5151,"position":1},"title":"OPEC launches its 2020 Annual Statistical Bulletin","author":"","date":"July 14, 2020","format":false,"excerpt":"The OPEC Secretariat today launched the 55th edition of one of its flagship publications, the Annual Statistical Bulletin (ASB), via videoconference and livestream on the OPEC website (www.opec.org). The launch was attended by Mohammad Sanusi Barkindo, OPEC Secretary General; Professor Jonas Puck, the Academic Director of the Executive Academy at\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/01\/OPEC.jpg?fit=640%2C360&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/01\/OPEC.jpg?fit=640%2C360&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/01\/OPEC.jpg?fit=640%2C360&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":8276,"url":"https:\/\/www.oilnewskenya.com\/index.php\/opec-extends-oil-production-cuts-until-the-end-of-july\/","url_meta":{"origin":5151,"position":2},"title":"OPEC extends oil production cuts until the end of July","author":"","date":"June 8, 2020","format":false,"excerpt":"The 11th OPEC and non-OPEC Ministerial Meeting was held via vide oconference, on Saturday, 06 June 2020, under the Chairmanship of HRH Prince Abdul Aziz Bin Salman, Saudi Arabia\u2019s Minister of Energy, and co-Chair HE Alexander Novak, Minister of Energy of the Russian Federation. The Meeting recalled the rights of\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/01\/OPEC.jpg?fit=640%2C360&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/01\/OPEC.jpg?fit=640%2C360&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/01\/OPEC.jpg?fit=640%2C360&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":11413,"url":"https:\/\/www.oilnewskenya.com\/index.php\/ensuring-the-development-of-a-robust-and-efficient-oil-and-gas-value-chain-in-the-msgbc-region\/","url_meta":{"origin":5151,"position":3},"title":"Ensuring the Development of a Robust and Efficient Oil and Gas Value Chain in the MSGBC Region","author":"","date":"December 16, 2021","format":false,"excerpt":"Day one of the MSGBC Oil, Gas & Power 2021 Conference and Exhibition featured an opening keynote address by OPEC Secretary General, H.E. Mohammed Barkindo, who spoke on the outlook of the MSGBC Basin and the region\u2019s potential to become a formidable competitor in the industry through the development of\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/12\/Senegal-Flag-scaled.jpg?fit=1200%2C781&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/12\/Senegal-Flag-scaled.jpg?fit=1200%2C781&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/12\/Senegal-Flag-scaled.jpg?fit=1200%2C781&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/12\/Senegal-Flag-scaled.jpg?fit=1200%2C781&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/12\/Senegal-Flag-scaled.jpg?fit=1200%2C781&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":8059,"url":"https:\/\/www.oilnewskenya.com\/index.php\/global-oil-demand-to-decline-in-2020-as-coronavirus-weighs-heavily-on-markets-iea\/","url_meta":{"origin":5151,"position":4},"title":"Global oil demand to decline in 2020 as coronavirus weighs heavily on markets &#8211; IEA","author":"","date":"March 11, 2020","format":false,"excerpt":"Global oil demand is expected to decline in 2020 as the impact of the new coronavirus (COVID-19) spreads around the world, constricting travel and broader economic activity, according to the\u00a0International Energy Agency\u2019s latest oil market forecast. The situation remains fluid, creating an extraordinary degree of uncertainty over what the full\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/03\/IEA-2020.jpg?fit=347%2C470&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":8102,"url":"https:\/\/www.oilnewskenya.com\/index.php\/opec-ends-oil-price-war-awaits-g20-meeting-for-opec-deal\/","url_meta":{"origin":5151,"position":5},"title":"OPEC+ ends Oil Price War, awaits G20 Meeting for OPEC+ Deal","author":"","date":"April 14, 2020","format":false,"excerpt":"In a move to save the oil industry \u2014 facing the biggest crisis in its history \u2014 OPEC and Russia have forged ahead on new production cuts, with the OPEC+ group agreeing to eliminate 10 million barrels of crude per day for an initial two-month period to save a glutted\u2026","rel":"","context":"In &quot;Top News&quot;","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/04\/cea5e714b606624d2b431f32a78bba90.jpeg?fit=800%2C533&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/04\/cea5e714b606624d2b431f32a78bba90.jpeg?fit=800%2C533&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/04\/cea5e714b606624d2b431f32a78bba90.jpeg?fit=800%2C533&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/04\/cea5e714b606624d2b431f32a78bba90.jpeg?fit=800%2C533&ssl=1&resize=700%2C400 2x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/5151","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=5151"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/5151\/revisions"}],"predecessor-version":[{"id":5152,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/5151\/revisions\/5152"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/4818"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=5151"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=5151"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=5151"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}