Global oil demand picks up but still lags rising supply, says IEA

Global oil demand picks up but still lags rising supply, says IEA:

"Global oil demand is expected to pick up this year but supply is growing at a faster pace, leading to a rise in inventories in the first quarter of 2018, the International Energy Agency (IEA) said yesterday. The IEA raised its forecast for oil demand this year to 99.3mn bpd from 97.8mn bpd in 2017. Commercial oil inventories in industrialised OECD nations rose in January for the first time in seven months to 2.871bn barrels, 53mn barrels above their five-year average, the Paris-based IEA said."



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