Latest report out from the International Energy Agency

  • global oil inventories likely to build through 2015 and could “possibly bump against capacity limits”
  • OECD industry oil stocks built counter-seasonally in Oct to 2.72 mln barrels, highest in over 2 years
  • cuts forecast of global oil demand growth for 2015 by 230,000 bpd to 900,000 bpd
  • non-OPEC oil production rises by record 1.9mln bpd in 2014 to increase by 1.3m bpd in 2015
  • cuts forecast of demand for OPEC crude in 2015 by 300,000 bpd to 28.9 mln bpd
  • OPEC production fell by 315,000 bpd in November to 30.32 mln bpd, led by lower Libya output
  • Libya oil production fell 180,000 bpd to average 690,000 bpd in Nov
  • Saudi Arabia oil output eased 70,000 bpd to 9.61 mln bpd in Nov

More gloom and doom for the oil market with the jury surely still out on the good n bad of oil price falls

OPEC cut its own forecasts earlier this week that I reported here