Continued growth in global production of petroleum and other liquids has outpaced consumption growth since August 2014, which has result in rising global liquids stocks, according to the US Energy Information Administration (EIA).
Global consumption of petroleum and other liquids grew by 1.1 million bpd in 2014. Throughout July 2015, global liquids consumption has grown an additional 1.2 million bpd. Total global liquids inventories are estimated to have grown by 2.3 million bpd through the first seven months of 2015.
These strong inventory builds have put significant pressure on near-term crude oil prices with North Sea Brent crude oil spot prices having averaged US$58/bbl through July 2015 compared to US$109/bbl over the same period in 2014.
Edited from press release by Angharad Lock