India overtaking China as driver of oil demand growthStaff writer ▼ | May 13, 2016
The excess of oil supplies globally will be lower than previously expected in 2016 as India overtakes China as the key driver behind demand growth and robust demand from other emerging economies.
Energy business The excess of oil supplies
Nonetheless, oil price gains were "likely to be limited by brimming crude and products stocks," the Paris-based organisation said in its monthly oil market report.
Global demand for 'black gold' was still see increasing by 1.2m barrels a day from the levels seen in 2015 but was now expected to reach 95.9m a day, 100,000 barrels more than its last stab at making a prediction.
Further upward revision to its demand forecasts were possible, the IEA said.
The world's supplies of oil from outside OPEC was seen shrinking by 800,000 barrels a day over 2016 to 56.8m as low prices ate into US tight-oil producers production, with the recent wildfires in Canada seen subtracting from global demand by 100,000 barrels a day. ■