During 2015 global oil consumption approximated 94.4 million barrels of oil per day (b/day).
World production of oil in 2015 was 96.4 million barrels of oil per day.
For 2016 demand is expected to be 95.6 million barrels per day while supply is estimated to be 96.5 million barrels per day.
OECD (Organization for Economic Cooperation & Development) oil inventory grew by about 250 million barrels in 2015 taking inventory to 3 billion barrels.
World oil demand has been growing at an annual rate of 1.2 million barrels per day in 2016.
The decline in the price of oil has forced US oil industry investment down by 70% and is forcing production to decline sharply.
What will it take to turn this oversupply around and bring world oil inventories back to normal levels?
Read our bulletin,
Rebalancing Oil Supply
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