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Rising global oil production likely to overtake demand in 2018: IEA

Oil demand grew at a rate of 1.6 million bpd in 2017, the IEA said in its monthly market report

Reuters  |  London 

The rise in global oil production, led by the United States, is likely to outpace growth in demand this year, the International Energy Agency said on Tuesday. The Paris-based IEA raised its forecast for oil demand growth in 2018 to 1.4 million barrels per day, from a previous projection of 1.3 million bpd, after the International Monetary Fund upped its estimate of global economic growth for this year and next. Oil demand grew at a rate of 1.6 million bpd in 2017, the IEA said in its monthly market report. However, the rapid rise in output, particularly in the United States, ...

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First Published: Tue, February 13 2018. 20:46 IST
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