IEA boosts 2018 forecast for global oil demand to 1.4 mil barrels per day
IEA releases their latest report on oil outlook - 13 February 2018
- Prior forecast 1.3 million barrels per day
- Says that non-OPEC supply, led by the US, likely to grow more than demand in 2018
- 2018 non-OPEC supply seen at 59.9 mil bpd vs 58.2 mil bpd in 2017
- Says that US oil output will soon overtake Saudi Arabia's, and by year-end may top Russia's output
IEA boosting demand growth forecast, but continues to see US shale producers as a threat to supply it seems.
Nothing major from the release that I can see at the moment, but some "dovish" comments that supply may outweigh demand for the year is the key takeaway it seems. Oil remains a little higher on the day, but has given up earlier gains in the Asian session with Brent now at $62.77 and WTI at $59.38.