In its January oil report, the IEA said that “a price recovery – barring any major disruption – may not be imminent, but signs are mounting that the tide will turn” and its demand growth forecast of 900,000 b/d for 2015 was maintained. “They are not alone, the EIA expects global consumption to grow by 1.0m b/d in both 2015 and 2016, and some forecasts suggest US gasoline demand may, in 2015, grow by the most since the 1970s as falling prices boost consumption,” said John Westwood of Douglas-Westwood in London.
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