IEA Says OPEC Almost Cleared Oil Glut But Shale Risk Looms
- Surplus supply has shrunk ‘dramatically,’ monthly report shows
- Non-OPEC output, led by U.S., is seen growing more than demand
OPEC's Control of the Oil Market Is Running on Fumes
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OPEC and its allies have almost achieved their goal of clearing an oil glut, but their efforts could be derailed by rising supplies from the U.S. and other rivals, the International Energy Agency said.
Oil stockpiles in developed nations fell the most in more than six years in December as supply cuts by the Organization of Petroleum Exporting Countries and Russia took effect. The surplus is also being cleared by higher consumption, with the agency boosting its forecast for global demand growth in 2018 by about 100,000 barrels a day to 1.4 million a day.