Global oil consumption is growing much faster than most analysts expected at the start of the year but increases in demand remain very uneven geographically and by fuel. World oil demand increased by 1.4 million barrels per day (bpd) in the first three months of 2016 compared with the same period in 2015, the International Energy Agency said on Thursday (“Oil Market Report”, IEA, May 2016). First-quarter consumption grew faster than the agency predicted at the end of last year, when it forecast growth of 1.2 million bpd between January and March (“Oil Market Report”, IEA, December 2015). For the time being, the IEA has left its forecast for average consumption growth this year at 1.2 million bpd, noting “headwinds” as a result of sluggish global growth, which […]