International Energy Agency out with their latest market report 16 May
- brings demand to 97.9m bpd
- global oil supply fell 140k bpd in April to 96.17mn bpd,
- output 90k bpd
- raises f/cast for non-OPEC supply growth by 100k bpd to 600k bpd for 2017
- raises US crude output f/cast by 100k to 510k bpd. largest source of supply growth
- Oil market is rebalancing and "essentially here", accelerating in the short term
Let's see what the 25 May meeting brings re output cut deal extension. 9 months now the favoured period by Saudis and Russia
Full report here
WTI $ 49.17 Brent $52,19 both just off session highs
