By Srinivas Chowdary Sunkara // petrobazaar // 16-3-18.
IEA OIL MARKET REPORT
FOR THE MONTH OF MARCH, 2018 - HIGHLIGHTS
Global Oil Demand
International Energy Agency Released its monthly oil report(MOR). IEA estimated Global oil demand at 97.8 mb/d in 2017, Unchanged from last month. IEA expected demand to increase by 1.5 Mb/d in 2018 to 99.3 Mb/d.
Global Oil Supply
IEA reported that global oil supply in February eased to 97.9 Mb/d and higher non-OPEC output contributed for higher oil supply by 0.7 Mb/d on a year earlier.
Oil production - Stocks
IEA report said that OPEC crude oil production edged lower in February to 32.1Mb/d, led by losses in Venezuela and the UAE. Commercial stocks in OECD countries rose while Cushing crude stocks reached their lowest level in three years.
Oil prices - Movements
Global oil prices fell in the first half of February, settled in later part of the month. Brent futures curve remains in backwardation. Spreads are narrowing with reference to report