IEA: raises 2018 global oil demand growth forecast

Global oil demand is expected to rise by 1.5m barrels a day in 2018 to 99.3 mbpd, which is an upward revision of almost 100,000 bpd, the Paris-based International Energy Agency (IEA) said in its monthly oil market report released this Thursday.

Key highlights:

   •  Raises 2018 call on OPEC crude to 32.4 mil bpd, up from 32.3 mil bpd in February
   •  Forecasts 2018 non-OPEC supply growth at 1.8 mil bpd, unchanged from February
   •  Says signs of US protectionism pose risk to global economic growth forecast
   •  Slowdown in trade would hit maritime, trucking fuels
   •  Assuming no change to OPEC output, oil market is to see a small stock build in Q1
   •  But market is to see deficits for the rest of 2018