Demand recovery eyed as supplies edge up

Global demand has been increasing steadily, with gains expected by the IEA

Tentative signs of a demand recovery have emerged with the turn of the year. Having bottomed out in 2014, global oil demand has been expanding steadily, with year-on-year gains estimated at around 1 million barrels a day (b/d) for the first quarter 2015, data from the International Energy Agency (IEA) showed. At the same time global supply rose by 1.3m b/d year-on-year to an estimated 94m b/d in February, led by a 1.4m b/d gain in non-Opec producers. Declines in the US rig count have yet to dent North American output. Opec crude output edged down 90,000 b/d to 30.22m b/d in February, as losses in Libya and Iraq offset higher supply from Saudi Arabia, Iran and Angola. A slightly higher demand