Non Opec Output Fell In Q1 (Mn B/D) But Opec Output Grew Strongly: With Iran’s ‘Return’ It Is Set To Grow Throughout The Year. This Means Record Stocks Will Continue To Build With No Significant Drawdown Before 2017.

*INCLUDES NGLs. **END-USER DEMAND, EXCLUDES STOCK BUILDS/DRAWS (OPEC + NON OPEC OUTPUT WAS ALMOST 102% OF WORLD OIL DEMAND IN 4Q15 AND 1Q16). SOURCE: IEA MOR, 14 APRIL 2016, MEES CALCULATIONS.