IEA Cuts Estimates for Crude Needed From OPEC in 2017, 2018
- Demand cut 400,000 b/d after reassessing emerging-nation data
- While markets are rebalancing, OPEC commitment to cuts fading
BNP Paribas’ Morris Skeptical of OPEC Production Cuts
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The International Energy Agency cut estimates for the amount of crude needed from OPEC this year and in 2018 after lowering its historical assessments of consumption in some emerging nations.
World oil markets are re-balancing as the Organization of Petroleum Exporting Countries and its allies implement production cuts, the IEA said in its monthly report. Still, inventories remain high and the volume of crude needed from OPEC is less than previously thought as consumption in some developing nations had been overestimated, it said.