IEA's Parry: China, Europe, India Lead Oil Demand Decline

Matthew Perry, an IEA oil analyst, discusses shifts in oil demand and supply. The demand decrease is mainly due to reduced growth in China, Europe, and India. Despite a slight uptick expected in the fourth quarter, 2016's demand forecast is trimmed by 1 million barrels per day. OPEC's record supply levels are significant, with Saudi Arabia and other countries increasing output. China's economic changes, including reduced industrial demand and recent disruptions, impact oil demand. Future projections indicate continued global demand growth, driven by non-OECD countries, despite a slowdown from previous years.

Discuss the impact of OPEC and non-OPEC countries on global oil demand as mentioned in the text.

What are the expected trends in global oil demand growth over the next five years?