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Global oil surplus is shrinking due to stronger-than-expected demand: IEA

It was the first decline in global production in four months

Reuters  |  London 

The global oil surplus is beginning to shrink due to stronger-than-expected European and U.S. demand growth, as well as production declines in OPEC and non-OPEC countries, the International Energy Agency said on Wednesday. The agency, which coordinates the energy policies of industrial nations, raised its 2017 global oil demand growth estimate to 1.6 million barrels per day from 1.5 million bpd. "OECD demand growth continues to be stronger than expected, particularly in Europe and the US," the Paris-based IEA said. Robust demand in industrialised countries was a key ...

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First Published: Wed, September 13 2017. 14:13 IST