Non-Opec growth to outpace improving demand

The International Energy Agency says the trend is likely to continue into the new year

The weak demand and strong supply trends that have fuelled the oil price decline in recent months are likely to continue into the first half of next year, according to the International Energy Agency (IEA). Demand growth in 2014 is expected to be the lowest in five years at just 680,000 barrels a day (b/d), the IEA says, thanks to weak demand growth in China and absolute declines from Europe. Total demand is forecast at 92.4 million b/d. However, the demand picture appears to have improved in the second half of the year. Demand rose to 93.1m b/d in the third quarter, about 600,000 b/d higher than 2013, compared second-quarter growth of just 300,000 b/d. China helped to boost demand, though t