As it had done in several consecutive monthly reports, OPEC lifted again on Wednesday its estimates for non-OPEC oil supply growth this year, but this time the cartel’s estimates that for the first time, rival oil supply growth led by the U.S. will outpace global oil demand growth in 2018. In its closely watched Monthly Oil Market Report published today, OPEC expects non-OPEC supply in 2018 to increase by 1.66 million bpd, compared to expectations of 1.4 million bpd growth from the previous monthly report. OPEC revised up forecasts for non-OPEC supply for 2018 by 280,000 bpd in absolute terms, compared with last month’s assessment, to average 59.53 million bpd. Non-OPEC supply “is now expected to grow at a faster pace, leading also to an upward revision in y-o-y growth by 0.26 mb/d to average 1.66 mb/d, compared to the previous MOMR,” OPEC said, noting that the key growth […]