OPEC Forecasts Faster Crude Output Growth From Rivals

The oil cartel revised up its forecast for supply growth from outside OPEC in 2018 on March 14 and now sees rivals adding barrels to the market at a faster pace than demand will rise.

The oil producers group, which has been cutting output in conjunction with Russia to try and prop up prices, said non-OPEC crude production would now grow by 1.66 million barrels a day (MMbbl/d) this year, a 280,000 bbl/d jump on its same forecast last month.

That compares with global demand growth of 1.6 MMbbl/d, which was only revised marginally higher from last month…

 

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