International Energy Agency forecasts big increase in demand to give North Sea producers cause for optimism

August 17, 2017

By Professor John Robertson

The IEA has raised its forecast for 2017 to 1.5 million barrels per day from 1.4 million but more importantly, it anticipates an additional 1.4 million in 2018. This fits in with, perhaps underestimates earlier predictions of shortages and massive increases in demand from Asian countries:

Refiners begin scramble for crude oil supplies. Now who do we know with lots of that? Oh yes, we do.

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Producers should find encouragement from demand, which is growing year-on-year more strongly than first thought,”

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