Global oil demand seen as growing in 2018

摘要

Global oil demand will grow by 1.5mn b/d in 2018, and more than half of that growth will be met by US shale production, Bank of America Merrill Lynch (BofAML) analysts said yesterday. US oil supply is expected to rise by 870,000 b/d in 2018 but OPEC will maintain the cuts it implemented in 2017, resulting in a balanced market, BofAML head of commodities and derivatives Francisco Blanch said at the bank’s outlook event yesterday in New York. On these assumptions the bank expects Brent crude to average $56/bl in 2018, and hit a $70/bl at the peak of the US driving season. US shale supplies will grow in a $45/bl and higher price environment.