IEA boosts 2018 forecast for global oil demand to 1.4 mil barrels per day

Author: Justin Low | Category: News

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.


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