Global oil market seen balanced in 2018, even with rising output: IEA

London

GLOBAL supply and demand for crude oil will be largely balanced next year, as growth in consumption helps erode a three-year-old overhang of unused fuel and should mostly offset a steep rise in output, the International Energy Agency (IEA) said on Thursday.

In its monthly oil market report, the Paris-based IEA said it continues to see global demand for crude growing by 1.6 million barrels per day in 2017, before moderating to 1.4 million bpd in 2018.