IEA Oil Market Report: global oil demand growth unchanged at 1.6 mbpd in 2017
|Here are the highlights from the latest Oil Market Report, released by the International Energy Agency (IEA) this Thursday.
• Sees global oil market "broadly balanced" next year, "assuming OPEC keeps output steady around current levels"
• Leaves global crude oil demand growth forecast unchanged at 1.6 mbpd in 2017, 1.4 mbpd in 2018
• Global crude supply rose 90,000 bpd in Sept to 97.5 mbpd, up 620,000 bpd year-on-year
• Sees non-OPEC crude supply rising 700,000 bpd in 2017, up 1.5 mbpd in 2018 to reach 59.6 mbpd
• US crude output to grow 470,000 bpd in 2017, up 1.1 mbpd in 2018
• OECD commercial oil stocks fell 14.2 million barrels in August to 3.015 billion barrels
• Expects global crude and products inventories to fall 100,000 bpd, 200,000 bpd, respectively in 2017
• Surplus of oil and products over the five-year average fell to 170 million barrels in August
• OPEC crude output flat m/m in Sept at 32.65 mbpd, down 400,000 bpd y/y; compliance with deal at 88%
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