IEA raises 2018 forecast for global oil demand to 1.4 mln bpd

The International Energy Agency (IEA) is out with their latest monthly oil outlook report, highlighting the following key points:

IEA boosts 2018 forecast for global oil demand to 1.4 mil barrels per day.

Prior forecast 1.3 million barrels per day.

Non-OPEC supply, led by the US, likely to grow more than demand in 2018.

2018 non-OPEC supply seen at 59.9 mil barrels vs 58.2 mil barrels in 2017.

US oil output will soon overtake Saudi Arabia's, and by year-end may top Russia's output.