The following is the latest forecast of the International Energy Agency for the oil market:
- Global oil demand in 2018 was raised by about 100 thousand barrels per day to 1.5 million barrels per day.
- Demand in 2018 for OPEC oil increased to 32.4 million bpd from 32.3 million bpd in February.
- Non-OPEC oil supply is expected to grow by 1.8 million bpd, unchanged from February's forecast.
- The protectionist policies of the United States pose a threat to the outlook for global economic growth.
- A trade slowdown would hit maritime, trucking fuels.
- Assuming no change in OPEC production, oil markets will see a slight rise in inventories in Q1, but markets will see a deficit in the rest of 2018.
