The International Energy Agency had a nasty surprise for OPEC and its partners in the oil output cut agreement today. According to the authority, non-OPEC production in 2018 will increase by 1.5 million barrels daily – a rate that will surpass the growth of global demand. The figure is particularly impressive—or frightening, depending on perspective—compared with the IEA’s estimate of total non-OPEC oil production growth for this year: 700,000 bpd. Of this, the U.S. will contribute a daily rise of 430,000 bpd “ and the year will end with production there 920 kb/d higher than at the end of 2016.” And that’s not all. The daily growth rate for U.S. oil production in 2018 is seen to average 780,000 bpd, but the IEA cautions that it may grow even faster than that. Right now, things are not looking much better: OECD crude oil stockpiles continued to rise through April […]