For 2014, global oil demand stood unchanged at 94.2 million barrels per day, mb/d. Due to lower than expected global economic growth, the agency lowered its oil demand prediction for 2015 to 93.3 mb/d.
For the Organization of the Petroleum Exporting Countries, OPEC, oil demand for 2015 is anticipated to lower by 300,000 barrels per day, b/d, and reach 28.9 mb/d.
In November, global oil supply fell by 340,000 b/d from the previous month to 94.09 mb/d. For non-OPEC countries oil supply was seen at 56.5 mb/d in 2014 and is projected to rise by 1.3 mb/d to 57.8 mb/d in 2015.
Global oil production fell in November by 340,000 b/d to 94.1 mb/d compared to the previous month. The predicted fall is due to the decrease of production in OPEC countries.
In November, OPEC production fell by 315,000 b/d to 30.32 mb/d due to a supply decrease in Libya. OPEC countries agreed to keep production at 30 mb/d at their meeting in Nov. 27.
Oil prices continued to fall in November and into early December to below $65, the lowest in five years.
Downward price pressure deepened after top exporter Saudi Arabia in early December cut monthly formula prices to Asia and the U.S., a move some analysts interpreted as a sign that Riyadh is seeking to keep up oil sales amid growing competition," the report said.