The International Energy Agency (IEA) reported in Thursday (December 14) that it would not be too happy for OPEC in 2018.
The report says the US oil supply rally will continue next year.
The biggest benefit of OPEC-led cuts is the US, which has returned to the market after a rebound in oil prices.
| PVA |
The report predicts that non-OPEC supplies could increase by 600,000 barrels a day this year and 1.6 million barrels next year. Global crude oil supply rose to 97.8 million barrels a day in November, the highest level of the year.
The OPEC monthly report also points to a difficult rebalancing of the oil market next year, as evidenced by the recent data released by the U.S. Energy Information Agency.
The IEA believes that global supply growth is outpacing demand growth, with oversupply of 200,000 barrels a day in the first half of next year.
Many things may change over the next few months, the report says, but the current pace of inventory is probably hard to maintain.
| http://www.barium-chloride.com |