The oil market will return to equilibrium in the second half of next year, thanks to stronger-than-expected demand growth and some unexpected supply disruptions. The International Energy Agency writes it in its latest monthly bulletin.
In detail, the IEA has revised upwards the survey on the growth of oil demand in the first quarter of 2016 at a global level, bringing it to 1,6 million barrels per day. For the whole of 2016, growth is now projected at 1,3 million barrels per day, which will bring global demand to 96,1 million barrels.
As for 2017, according to the Agency, the growth rate of oil demand will be the same as this year (+1,3 million barrels per day) and global demand will reach 97,4 million barrels. The IEA also speaks of "sustained consumption" over the two years.
