IEA- Oil Demand Report May Be Too High

If there is one thing the oil world’s chief prognosticators can agree on, it is that global demand is going up by more than a million barrels a day this year. Both the International Energy Agency and the Energy Information Administration put growth at about 1.4 million barrels a day; OPEC has it at 1.2 million.

There’s just one problem: Refiners, the biggest buyers of crude oil, aren’t buying it.

The IEA drew attention to the issue in its latest monthly report on the oil market — provided you read all the way through to page 44, that is. In a section titled “The burden of the light-hearted demand growth,” the IEA pointed out that “oil” isn’t always oil, a disconnect that has been widening.

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