Rising U.S. output threatens global oil market balance in 2018

14 Dec 2017   Shale Oil

The global oil market will likely show a surplus in the first half of 2018, as rising U.S. supply offsets OPEC’s discipline in maintaining its production cuts for the whole of next year, the International Energy Agency (IEA) said on Thursday. “Total supply growth could exceed demand growth: indeed, in the first half the surplus could be 200,000 barrels per day (bpd) before reverting to a deficit of about 200,000 bpd in the second half, leaving 2018 as a whole showing a closely balanced market,” the Paris-based IEA said in its monthly oil market report. “A lot could change in the next few months but it looks as if the producers’ hopes for a happy New Year with de-stocking continuing […]

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