In the monthly market updates released by the three major oil agencies, The US EIA revised higher its global demand forecasts modestly for this and next years. It currently expects demand to increase +1.4 M bpd to 98.34M bpd in 2017 from a year ago. This marks a +0.13M bpd upgrade from November’s forecast. For 2018, the EIA projects demand to increase further to 99.96M bpd, marking a +0.09M bpd upgrade from November’s estimate.
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Weekly Fundamentals – Major Oil Agencies Project Higher US Production Next Year
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