BY CONTINUING TO USE THIS SITE, YOU ARE AGREEING TO OUR USE OF COOKIES. REVIEW OUR
COOKIE NOTICE

Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.


  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list
Oil

IEA raises 2018 oil demand growth estimate to 1.4 million b/d

Oil

Oil Markets podcast – Africa's oil opportunities

Oil

Platts Rigs and Drilling Analytical Report (RADAR)

Oil | Crude Oil | Oil Risk | Petrochemicals | Aromatics | Olefins | Petrochemicals Risk | Polymers | Solvents & Intermediates

S&P Global Platts University London

Oil | Crude Oil

Iran's NIOC hikes all Apr Asia-bound crude OSPs by 10-35 cents/b from Mar

IEA raises 2018 oil demand growth estimate to 1.4 million b/d

London β€” The International Energy Agency on Tuesday raised its estimate of global oil demand growth this year to 1.4 million b/d, but also raised its estimate of US oil output growth to 1.52 million b/d, citing the shale industry's "second wave" of growth.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

In its monthly oil market report, the IEA also said oil stocks in the OECD countries had fallen by 55.6 million barrels in December to 2.851 billion barrels, a level 52 million barrels above the five-year average and the steepest monthly drop since February 2011.

It noted that its new estimate of demand growth this year was still below last year's 1.6 million b/d.

It also estimated OPEC crude production stood unchanged on the month in January at 32.16 million b/d, as the group collectively increased compliance with its production pact to 137%, but Nigeria increased its output.

However the IEA also raised its estimate of total US liquids production growth this year to 1.52 million b/d, estimating average US production of 14.72 million b/d in 2018, compared with a growth estimate of 1.35 million b/d in last month's report.

It warned that the decline in OECD oil stocks might go into reverse on the back of the revival in shale.

"The underlying oil market fundamentals in the early part of 2018 look less supportive for prices," the report said.

--Nick Coleman, nick.coleman@spglobal.com
--James Leech, james.leech@spglobal.com