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%
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.