Global oil consumption grew above the 10-year average rate for a second consecutive year in 2016. Global oil consumption grew above the 10-year average rate for a second consecutive year in 2016, rising by 1.6 percent, or 1.6 million barrels per day, BP’s latest Statistical Review of World Energy revealed. Strong increases in demand were seen from India (up 300,000 bpd) and Europe (up 300,000 bpd) and while demand from China continued to grow (up 400,000 bpd) it was lower than in recent years. Growth in production was limited to only 0.5 percent, which led to the oil market broadly returning back into balance by mid-year. However, prices continued to be depressed by the large overhang of built-up inventories. Natural gas production was also adversely affected by low prices, growing by only 0.3 percent. US gas output fell in 2016, the first reduction since the advent of the shale […]