Global oil demand will grow more quickly than expected this year, helping to ease a glut despite rising crude production from North America and weak OPEC compliance with output cuts, the International Energy Agency said on Friday.
The agency revised its 2017 demand growth forecast to 1.5 million barrels per day (bpd) versus 1.4 million bpd in its previous monthly report and said it expected demand to expand by a further 1.4 million bpd next year.
“Producers should find encouragement from demand, which is growing year-on-year more strongly than first thought,” the Paris-based IEA said.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.