IEA: Surge In Global Oil Supply May Overtake Demand In 2018

Feb 13 13:02 2018 Print This Article

The rise in global oil production, led by the U.S., is likely to outpace growth in demand this year, the International Energy Agency (IEA) said Feb. 13.

The Paris-based IEA raised its forecast for oil demand growth in 2018 to 1.4 million barrels per day (bbl/d), from a previous projection of 1.3 million bbl/d, after the International Monetary Fund upped its estimate of global economic growth for this year and next.

Oil demand grew at a rate of 1.6 million bbl/d in 2017, the IEA said in its monthly market report.

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