Weekly Energy Data -- June 9, 2016; Oil Consumption Growth Hitting New Records Globally; India Surpasses Japan As The World's Third-Largest Oil Consumer

Updates

June 15, 2016: Tom Doggett's nugget today --

India was the fourth-largest consumer of crude oil and petroleum products after the United States, China, and Japan in 2015, and it was also the fourth-largest net importer of crude oil and petroleum products. [See original post: BP says India passed Japan in 2015 among oil-consuming nations.]

The gap between India's oil demand and supply is widening, as demand in 2015 reached nearly 4.1 million barrels per day (b/d), compared to around 1 million b/d of total domestic liquids production.

EIA expects demand to accelerate in the 2016 through 2017 timeframe as India's transportation and industrial sectors continue to expand under economic development, oil price declines since mid-2014, and recent government policy initiatives to increase highway and road infrastructure and promote Indian manufacturing. --- EIA 

June 10, 2016: India's consumption of gasoline increased almost 14% in May, 2016, year-over-year.

Original Post 

Biggest story of the year? Oil gained global market share in 2015 for first time in 16 years. Being reported at Oil & Gas Journal. Link here. 

From BP:

Although crude oil prices in 2015 recorded their largest annual decline on record in dollar terms and their largest percentage decline since 1986, oil gained market share for the first time since 1999, according to the 65th edition of BP PLC's Statistical Review of World Energy.

Some data points:

• oil remained the world's leading fuel, at almost 33% of global energy consumption
• global oil consumption grew almost 2% in 2015; grew at almost 2 million bopd; nearly double the recent historical average of 1% and significantly stronger than the increase of 1.1 million bopd seen in 2014
• growth driven by OECD where consumption increased 1.1%, compared with an average decline of 1.1% over the past decade
• growth was well above recent historical averages in the US at 1.6%; EU at 1.5%
• Japan was an outlier: Japan recorded the largest decline in oil consumption, down almost 4%
• outside the OECD: China, up 6.3%; India, up an astounding 8.1%, surpassing Japan as the world's third-largest oil consumer   

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US natural gas inventories are still "off the charts" and setting new seasonal records. Inventories rose 65 billion cubic feet from the previous week.

Gasoline demand for most recent week declined slightly; almost unchanged. Four-week average right at 6.639 million bbls/day vs 9.661 million bbls/day the previous week. 

Norwegian strike threat increases.

Putting on a very brave face, from Reuters/Rigzone: 

Saudi Arabia's Economy and Planning Minister Adel Fakieh said on Wednesday that the kingdom could live comfortably with oil prices even as low as they were late last year.