Global oil market seen balanced in 2018, even with rising output: IEA
Global supply and demand for crude oil will be largely balanced next year, as growth in consumption helps erode a three-year-old overhang of unused fuel and should mostly offset a steep rise in output, the International Energy Agency said today. In its monthly oil market report, the Paris-based IEA said it continues to see global demand for crude growing by 1.6 million barrels per day (bpd) in 2017, before moderating to 1.4 million bpd in 2018."Looking into 2018, we see that three quarters out of four will be roughly balanced -- again using an assumption of unchanged OPEC production, and based on normal weather conditions," the agency said. “Taking 2018 as a whole, oil demand and non-OPEC production will grow by roughly the same volume and it is this current outlook that might act as the ceiling for aspirations of higher oil prices.
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