IEA: Oil market is rebalancing and "essentially here", accelerating in short term
|The International Energy Agency (IEA) published their monthly oil market report on Tuesday, keeping its 2017 oil demand growth forecast steady at 1.3mln bpd.
Key Highlights:
IEA maintains global oil demand growth forecast for 2017 at 1.3mln bpd
Brings demand to 97.9m bpd
Global oil supply fell 140k bpd in April to 96.17mn bpd
Output 90k bpd
If OPEC maintains April crude output, Q2 shows implied stock draw of 700k bpd
Raises f/cast for non-OPEC supply growth by 100k bpd to 600k bpd for 2017
Raises us crude output f/cast by 100k to 510k bpd. Largest source of supply growth
Oil market is rebalancing and "essentially here", accelerating in the short term
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