30 June 2015
Global demand growth this year will double 2014 levels
Demand growth is up 320,000 b/d to 1.4m in 2015
Product market strength and unexpectedly strong oil demand growth generally propped up global crude prices in June. Brent was pegged at around $63.26/barrel as Petroleum Economist went to press, while WTI was trading at $59.63/b. The latest oil market report from the International Energy Agency (IEA) had something for the bulls and the bears. Global demand growth was revised up 320,000 b/d to 1.4m b/d for 2015 as a whole, signaling that price elasticity is alive and well. As a result, this year’s demand growth will be more than double the unusually weak levels recorded in 2014. During the first quarter demand growth surged to 1.7m b/d, from an average 700,000 b/d in 2014. Demand growth alone
Also in this section
19 January 2026
Newfound optimism is emerging that a dormant exploration frontier could become a strategic energy play and—whisper it quietly—Europe’s next offshore opportunity
16 January 2026
The country’s global energy importance and domestic political fate are interlocked, highlighting its outsized oil and gas powers, and the heightened fallout risk
16 January 2026
The global maritime oil transport sector enters 2026 facing a rare convergence of crude oversupply, record newbuild deliveries and the potential easing of several geopolitical disruptions that have shaped trade flows since 2022
15 January 2026
Rebuilding industry, energy dominance and lower energy costs are key goals that remain at odds in 2026
