The International Energy Agency (IEA) released its latest oil market forecasts this Wednesday and foresees higher oil prices to curb demand growth in the second half of 2018.
Key points:
“¢ 2018 oil demand growth revised lower to 1.4m bpd from 1.5m previously.
“¢ Revises up 2018 non-OPEC output growth to 1.87m bpd.
“¢ Sees crude stockpile draws persisting through Q2, Q3 2018.
“¢ OPEC output fell 130k bpd m-o-m in April on Venezuela, Africa.
“¢ OECD stockpiles fell below 5-year average in March.
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