IEA Warns Global Oil Demand May Suffer As Crude Nears $80



IEA Warns Global Oil Demand May Suffer As Crude Nears $80
Global demand for oil is likely to moderate this year, as the price of crude nears $80 a barrel and many key importing nations no longer offer consumers generous fuel subsidies, the IEA says.

Record output from the United States pushed non-OPEC supplies up by 2.1 million bpd year-on-year to 59.4 million bpd. Production elsewhere outside OPEC was flat to lower, the IEA said, noting declines in the North Sea and Brazil.

The IEA, which advises Western governments on energy policy, expects non-OPEC supply to rise by 1.87 million bpd in 2018, up from a previous forecast of 1.8 million bpd.

(Reporting by Amanda Cooper; Editing by Dale Hudson)


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