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World Oil Markets Petro-Slowdown goes Global: Oil Market Weak in 2016

Editor: Dominik Stephan

No turn of tides at the global oil markets: First signs point towards that the current slowdown affects all regions. In 2016, the global oil markets could increase by only 1.2 million barrels/day, IEA figures indicate…

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Potential crude oil production maxima in selected countries for 2011 and 2020 (in million barrels per day)
Potential crude oil production maxima in selected countries for 2011 and 2020 (in million barrels per day)
(Picture: Statista)

The IEA (International Energy Agency) indicates that the first quarter of 2016 show growth slowing down to 1.3 million barrels/day (year-on-year), much lower than the of 2.2 million barrels/day peak of the last quarter of 2015. In 2015, demand from China, United States, India and Europe had the market growing by an average of 1.8 million barrels/day.

Oil supply increased by 50 000 barrels per day to a total of 96.9 million barrels/day in November 2015, most of which stems from OPEC-countries. Higher production from Iraq and Kuwait was more than able to compensate for declining oil production in Africa.

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With oil production running at full speed despite current demand slumps, inventories around the globe are filling – yet, at a slower speed. An additional 300 million barrels in oil stocks are expected for the first three months of 2016.

With maintenance projects and turnarounds coming to an end before winter, refinery operation rose to 79.9 million barrels per day or November 2015 (a plus of 1.4 million barrels). Margin, although generally healthy, took a slight dive in December.

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