The International Energy Association (IEA) released its Oil Market Report (OMR) for December, cutting the outlook for 2015 global oil demand growth by 230 MBOPD to 900 MBOPD on lower expectations for the Former Soviet Union and other oil-exporting countries, reports the IEA.

Global production fell by 340 MBOPD in November to 94,000 MBOPD on lower OPEC supplies. Annual gains of 2,100 MBOPD were split evenly between OPEC and non-OPEC producers. U.S. light, tight oil supply continued to push total non-OPEC output to record levels of 1,900 MBOPD...

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