Global oil production continues to exceed demand, resulting in inventory builds, according to the US Energy Information Administration’s most recent Short-Term Energy Outlook (STEO). Global oil inventory builds are projected to average 1.7 million b/d through this year’s first half. Global oil inventory builds typically moderate during the second half of the year, as demand rises and non-Organization of Petroleum Exporting Countries supply growth slows, particularly in the US, because of lower oil prices. Global consumption increased by 900,000 b/d in 2014, averaging 92 million b/d for the year. EIA expects global consumption will rise by 1 million b/d in 2015 and by 1.1 million b/d in 2016. EIA estimates that non-OPEC production jumped by 2.2 million b/d in 2014. EIA expects non-OPEC production to rise by 700,000 b/d in 2015 and 400,000 b/d in 2016, 300,000 b/d and 200,000 b/d lower, respectively, than in last […]