OECD/IEA, 2015TABLE OF CONTENTS FOREWORD . 3 ACKNOWLEDGEMENTS . 4 EXECUTIVE SUMMARY . 10 Prices . 12 Demand . 13 Bunkers . 14 Supply . 14 Biofuels . 15 Crude and product trade . 15 Refining and product supply . 16 1. DEMAND . 17 Summary . 17 Overview . 18 OECD demand . 22 Non-OECD demand: lower oil prices provide only modest support . 25 Sea change in retail pricing . 31 Communication goes virtual rather than physical . 32 Fuel switch and efficiency . 32 China shifts gears . 34 The changing demand barrel . 37 Slowing pace of dieselisation . 39 Changes in marine transportation and the distillate outlook . 40 2. SUPPLY . 41 Summary . 41 A new chapter in oil supply . 42 OPECs diverging supply paths . 44 OPEC gas liquids supply . 57 Non-OPEC supply growth weakens on lower oil prices . 58 North America remains backbone of non-OPEC growth. 60 Russia is the biggest casualty of the price fall . 65 Brazil encounters project delays, low oil prices . 67 Mexico sees marginal growth . 68 North Sea suffers setback . 70 Caspian growth elusive. 71 Asian projects already underway deliver .