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IEA says strong oil demand growth helping market rebalance

Reuters  |  LONDON 

By Dmitry ZhdannikovLONDON (Reuters) - World oil demand will grow more than expected this year, helping to ease a global glut despite rising production from North America and weak OPEC compliance with output cuts, the International Energy Agency said on Friday.The agency raised its 2017 demand growth forecast to 1.5 million barrels per day (bpd) from 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," said ...

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First Published: Fri, August 11 2017. 15:19 IST
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