After hitting a five-year high in
2015, the global growth in demand for oil is expected to fall by about a third
next year, adding further strain to an already oversupplied
crude market.
A 40% decline in the price of oil
since last year has boosted demand, encouraging motorists, consumers and
companies to top up. But the economic slowdown in China and elsewhere in Asia
could sap that demand, according to analysts and big energy watchdogs.
Just how far that growth in demand will
fall is unclear.
“We’re seeing pretty solid demand
growth this year, but the big question is what will happen next year,” said Rob
Haworth, senior investment strategist at U.S. Bank Wealth Management, which
oversees $126 billion.
Sergey Frank, chief executive of
Russia’s largest shipping company, Sovcomflot, said its net profit has more
than tripled this year as cheaper crude keeps fuel costs low and demand high
for the oil products that he ships around the world.
Mr. Frank is preparing for the worst
as he plans his shipping routes for next year.
“Today there is favorable wind, but tomorrow
there could be headwind on the market,” he said.
The International Energy Agency, an
energy watchdog, forecasts global oil
demand growth falling from 1.8 million barrels a day this year to
1.2 million next year.
The Organization of the Petroleum
Exporting Countries, the 12-nation oil cartel, expects demand growth
to fall to 1.25 million barrels a day, and some analysts see demand dropping
even lower.
Falling global demand growth comes
amid a continued glut of crude that has driven prices to less than $50 a
barrel, from $100 a barrel just over a year ago. Booming U.S.
output has slowed this year, but other major producers, from Saudi
Arabia to Russia, have continued to pump crude at a fast pace in a bid to
defend, and win, market share.
source: http://www.wsj.com/articles/global-demand-growth-for-oil-may-fall-by-a-third-in-2016-1445430195
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