10 December 2014
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
Also in this section
23 April 2026
The addition of an oil pipeline to the Power of Siberia 2 gas project could ensure deliveries of Russian oil to China, materially shorten logistics lines between West Siberia and final customers, and—amid disruption in the Strait of Hormuz—offer a land-based export route that reduces exposure to maritime chokepoints
23 April 2026
There is a clear push to bolster exports to Asia amid uncertainty around its North American neighbour, but there are limits to the benefits from the energy crisis
23 April 2026
Shell made the play-opening discovery in Namibia’s Orange basin back in 2022, but its next well could decide whether the project can actually be commercialised
22 April 2026
The failure of OMV Petrom’s keenly watched exploration campaign at Bulgaria’s Han Asparuh block highlights the Black Sea’s uneven track record, despite major successes like Neptun Deep and Sakarya
