IEA: Global oil demand growth is slowing at a faster pace than initially predicted

The International Energy Agency (EIA) published their latest monthly oil market report for August, which shows a pretty bleak picture of the global demand scenario.

Key Headlines from the report:

Global oil demand growth is slowing at a faster pace than initially predicted. For 2016, a gain of 1.3 mb/d is expected

World oil supplies fell by 0.3 mb/d in August, dragged lower by non-OPEC.

OPEC crude production edged up to 33.47 mb/d in August - testing record rates as Middle East producers opened the taps.

Anaemic outlook for refining throughput extends further amid downward revisions to our 2h16 forecast.

Expects first quarterly crude stock draw in more than two years.