Global oil demand will grow 1 MMbpd in 2014, or about 300,000 bpd more than the IEA's latest forecast, according to ESAI Energy's recently published Global Fuels Outlook. The report highlights discrepancies between ESAI Energy's and the IEA's forecasts for demand growth and provides an outlook on petroleum product markets - and spreads to crude - through 2016. There has been plenty of bearish talk about petroleum product demand lately, ESAI Energy noted. Publication of the IMF's October World Economic Outlook attracted considerable attention for downward revisions to economic growth, especially for 2014, which is forecast at 3.3% (the same as the two previous years). Similarly, the IEA's monthly Oil Market Report has made steady downward revisions to its 2014 demand expectations, most recently lowering global oil demand to just 700,000 bpd, partly due to weak year-on-year demand growth in the fourth quarter. The IEA also revised down 2015 demand growth to 1.1 MMbpd.
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