Oil supply seen outpacing consumption in 2018, demand to top 100 million bpd

Oil supply seen outpacing consumption in 2018, demand to top 100 million bpd

Growth in oil supply next year is expected to outpace an anticipated pick-up in demand that will push global consumption above 100 million barrels per day (bpd) for the first time, the International Energy Agency said on Wednesday.

The Paris-based IEA said production outside the Organization of the Petroleum Exporting Countries would grow twice as quickly in 2018 as it will do this year, when OPEC and 11 partner nations have restrained output.

“For total non-OPEC production, we expect production to grow by 700,000 bpd this year, but our first outlook for 2018 makes sobering reading for those producers looking to restrain supply,” the IEA said. Read More…

 

 

 

 

 

Credit By: Reuters

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