IEA monthly oil market report: 2018 non-OPEC supply will be 1.7 mbpd

Haresh Menghani FXStreet

Here are some of the key highlights from the International Energy Agency's (IEA) monthly oil market report.

• Demand estimates in 2017 and 2018 are roughly unchanged at 97.8 mb/d and 99.1 mb/d respectively
• Global oil supply in December eased by 405 kb/d to 97.7 mb/d
• A plunge in Venezuelan supply cut OPEC crude output to 32.23 mb/d in December
• Rapid US growth and gains in Canada and Brazil will drive up non-OPEC supply by 1.7 mb/d in 2018
• OECD commercial stocks declined for the fourth consecutive month in November, by 17.9 mb, with a large fall in middle distillates
• Global crude oil markets saw an exceptionally tight 4Q17
• Global refining throughput hit a record in 4Q17 at 81.5 mb/d

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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