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On August 12, the International Energy Agency released its monthly oil market report, which expects global oil inventories to continue to expand
in 2016.
The report pointed out that as the fall in oil prices stimulates oil consumption, international oil demand is growing
at the fastest rate in five years.
The price of oil below $50 a barrel today has made oil demand stronger than expected, resulting in a spurt increase in global daily oil demand this year, which is expected to increase by 1.
6 million barrels per day, the fastest pace in five years
.
Even so, crude oil was oversupplied at an average of 3 million barrels per day in the second quarter of this year, the highest level
since 1998.
The International Energy Agency expects the oil glut to continue into 2016
.
On August 12, the International Energy Agency released its monthly oil market report, which expects global oil inventories to continue to expand
in 2016.
The report pointed out that as the fall in oil prices stimulates oil consumption, international oil demand is growing
at the fastest rate in five years.
The price of oil below $50 a barrel today has made oil demand stronger than expected, resulting in a spurt increase in global daily oil demand this year, which is expected to increase by 1.
6 million barrels per day, the fastest pace in five years
.
Even so, crude oil was oversupplied at an average of 3 million barrels per day in the second quarter of this year, the highest level
since 1998.
The International Energy Agency expects the oil glut to continue into 2016
.
