IEA monthly oil report: 2017 Oil demand growth forecast lifted by 110,000 bpd

Paris-based, the International Energy Agency (IEA) published its latest forecast report on oil, noting that oil markets will swing from surplus to deficit in H1 2017 in wake of the OPEC & non-OPEC oil output cuts.

Key Headlines:

Lifts 2017 oil demand growth forecast By 110,000 bpd To 1.3 mln bpd

2016 demand growth up by 120k bpd to 1.4mln bpd

Will take OPEC/non-OPEC deal to take effect before reassessing market outlook

Market could enter 600k bpd deficit in H1 if OPEC/non-OPEC comply, but not an IEA forecast

Global crude supply hit record 98.2 mln Bpd in Nov

OECD oil inventories fell for third month in a row in Oct, down 75 mln bbls from July record of 3.102 bln bbls