IEA: lowers 2018 oil demand growth; higher prices to curb demand

The International Energy Agency (IEA) released its latest oil market forecasts this Wednesday and foresees higher oil prices to curb demand growth in the second half of 2018.

Key points:

   •  2018 oil demand growth revised lower to 1.4m bpd from 1.5m previously.
   •  Revises up 2018 non-OPEC output growth to 1.87m bpd.
   •  Sees crude stockpile draws persisting through Q2, Q3 2018.
   •  OPEC output fell 130k bpd m-o-m in April on Venezuela, Africa.
   •  OECD stockpiles fell below 5-year average in March.