The International Energy Agency forecast Friday that global oil demand growth would slow in 2016 and that oil production in nations outside the Organisation of the Petroleum Exporting Countries (OPEC) would stall.

In its first estimates for 2016, the IEA forecast that oil demand would slow next year to 1.2 million barrels per day, compared with an average of 1.4 million barrels per day this year.

Meanwhile growth in non-OPEC oil supply "is expected to grind to a halt in 2016 as lower oil prices and spending cuts take a toll," the IEA said in its monthly oil report.