The rise
in international oil production, led by the United States, is likely to outpace
growth in demand this year, the International Energy Agency (IEA) said on
Tuesday.
The
Paris-based IEA constructed its forecast for oil demand growth in 2018 to 1.4
million barrels per day, from a preceding projection of 1.3 million bpd, after
the International Monetary Fund (IMF) upped its conclusion 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, could well
outweigh any pick-up in demand and begin to push up global oil inventories,
which are now within sight of their five-year average. Read More
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