Oil Market Recovery In Site
The International Energy Association (IEA) has reported in its most recent monthly Oil Market Report (OMR) for February, that global oil supply declined by 180,000 barrels per day (b/d) in February to 96.5mn b/d. More notably, the IEA also said that preliminary data for February suggested that OECD commercial inventories had declined during the month, marking the first such decline in just over a year. Furthermore, the IEA said it expected total non-OPEC supply to decline by 750,000 b/d in 2016, mainly driven by a decline of 530,000 b/d in the US market, as marginal shale producers cut back heavily on capital investment in new drilling programs.
The VW scandalWhat does it mean for diesel vehicles, platinum and South Africa? There exists the potential for modestly reduced platinum demand over 1-3 years if fewer small diesel vehicles are sold as platinum is a key component of the catalytic converter found in diesel vehicles.