Global oil demand will grow by the most in six years in 2016 while non-OPEC supply stalls, according to a monthly U.S. energy report that suggests a surplus of crude is easing more quickly than expected. Total world supply is expected to rise to 95.98 million barrels a day in 2016, 0.1 percent less than forecast last month, according to the U.S. Energy Information Administration’s Short Term Energy Outlook. Demand is expected to rise 270,000 bpd to 95.2 million barrels a day, up 0.3 percent from September’s forecast due in part to an outlook for stronger demand growth from China. The tightening market balance comes as U.S. production starts to decline, although the EIA’s latest forecasts suggest a smaller fall-off in annual output than previously expected. U.S. oil output is expected to fall from an average of 9.25 million bpd in 2015 to 8.86 million bpd in 2016, compared […]