Global oil demand to accelerate in 2015: IEA
The IEA also stated that they are beginning to see some indications that oil prices may turn around over the medium term, commenting that the recent sell off in crude is having an impact and that supply and demand dynamics are starting to come back into balance.
Following sharp decreases in crude oil, some shale oil producers in the U.S. have either postponed or cancelled new projects while Shell and BP have also announced plans to scale back some projects.
Meanwhile, the IEA reported that oil supply from non-OPEC countries will increase this year by 350,000 bdp, adding that non-OPEC oil producers will increase output at a slower rate than previously forecast, with Canada and Colombia identified as two countries that will see moderation in supply growth over the coming year.
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