IEA cuts 2018 oil demand growth forecast due to rising prices

Author: Justin Low | Category: News

IEA releases its latest oil forecasts

  • 2018 oil demand growth revised lower to 1.4 mil bpd from 1.5 mil previously
  • Sees higher oil prices curbing demand growth in 2H 2018
  • Revises up 2018 non-OPEC output growth to 1.87m bpd
  • Sees crude stockpile draws persisting through Q2, Q3 2018
Not particularly good news for oil bulls, but so far hasn't done much to hurt oil prices on the day. WTI remains near the lows for the day at $71.07 with Brent trading at $77.97 on the day, both barely changed from the report release.


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