IEA Overstates 2016 Demand Growth
ESAI Energy believes the 2016 increase in global oil product demand was 300,000 b/d smaller than the 1.5
million b/d estimate contained in the International Energy Agency’s last Oil Market Report. Our data reveal
less bullish demand trends, especially in Russia. The differences over 2016 demand have implications for
the trajectory of demand in 2017 and the amount of production that must be cut to balance the market.