IEA: Global supply and demand not forecast to balance until late 2018
|Rising US shale output may lead to early 2018 oil supply surplus and global supply/demand not forecast to balance until late 2018, said the International Energy Agency (IEA) in its monthly oil market report, published this Thursday.
Key highlights:
• OPEC crude supply fell in November for the fourth consecutive month to 32.4m b/d,
• Leaves global oil demand growth forecast at 1.5 million bpd in 2017 and 1.3 million bpd in 2018
• Sees average call on OPEC crude at 32.5 million bpd in 2018 vs 2017 average output of 32.4 million bpd
• Non-OPEC oil supply to rise by 600,000 bpd in 2017 and 1.6 million bpd in 2018
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