Global oil demand growth expected to ease to 1.4 mbpd in 2017 - IEA report

In its latest monthly Oil Market Report, the International Energy Agency (IEA) foresee 2017 global oil demand growth to ease back to 1.4 mbpd in 2017, having expanded by 1.6 mbpd in 2016.

Key highlights:

   •   keeps non-OPEC 2017 supply growth forecast unchanged at 400kbpd
   •   OECD crude stocks rise for first time in 6 months in Jan by 48mln bbls to 3.03bln bbls
   •   OPEC crude output rose to 170k bpd in Feb to 32mln bpd, putting cut compliance at 91%
   •   non-OPEC nations that agreed to curb output cut by 225k bpd in Jan vs Oct, cut compliance 40%