IEA: Global supply and demand not forecast to balance until late 2018

Rising US shale output may lead to early 2018 oil supply surplus and global supply/demand not forecast to balance until late 2018, said the International Energy Agency (IEA) in its monthly oil market report, published this Thursday. 

Key highlights:

   •  OPEC crude supply fell in November for the fourth consecutive month to 32.4m b/d,
   •  Leaves global oil demand growth forecast at 1.5 million bpd in 2017 and 1.3 million bpd in 2018
   •  Sees average call on OPEC crude at 32.5 million bpd in 2018 vs 2017 average output of 32.4 million bpd 
   •  Non-OPEC oil supply to rise by 600,000 bpd in 2017 and 1.6 million bpd in 2018