# OPEC hikes 2018 forecast for oil supply growth on a flood of US crude

> OPEC raised its 2018 forecast for supply growth from non-OPEC producers to 1.4 million barrels per day, up 250,000 bpd from its prior estimate. The increase is driven largely by US crude output.

- Date: 2018-02-12 · published 2018-02-12T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/66425-opec-hikes-2018-forecast-for-oil-supply-growth-on-a-flood-of-us-crude
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Faster non-OPEC supply growth adds to global barrels and weighs on crude prices, which feed into diesel and freight costs for feed producers.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-02-12 | [OPEC Sees Weaker Demand for Its Crude as US Oil Supply Thrives - TT](https://feedsoft.ai/events/60519-opec-sees-weaker-demand-for-its-crude-as-us-oil-supply-thrives-tt.md) | +6.0% | +8.3% |
| WTI | 2018-09-23 | [OPEC raises U.S. oil supply outlook, sees lower demand for own crude](https://feedsoft.ai/events/62935-opec-raises-u-s-oil-supply-outlook-sees-lower-demand-for-own-crude.md) | +3.4% | -2.3% |
| WTI | 2024-12-11 | [OPEC makes fifth and biggest cut to 2024 oil demand growth forecast \| Reuters](https://feedsoft.ai/events/27123-opec-makes-fifth-and-biggest-cut-to-2024-oil-demand-growth-forecast-reuters.md) | +2.1% | +7.6% |
| WTI | 2025-04-14 | [OPEC cuts global oil demand growth forecasts, citing US tariffs](https://feedsoft.ai/events/25325-opec-cuts-global-oil-demand-growth-forecasts-citing-us-tariffs.md) | +2.5% | +1.8% |
| WTI | 2024-08-12 | [OPEC cuts oil demand growth forecast, highlighting dilemma over Oct hike \| Reuters](https://feedsoft.ai/events/28695-opec-cuts-oil-demand-growth-forecast-highlighting-dilemma-over-oct-hike-reuters.md) | -0.3% | -10.9% |
| BRENT | 2019-02-12 | [OPEC Sees Weaker Demand for Its Crude as US Oil Supply Thrives - TT](https://feedsoft.ai/events/60519-opec-sees-weaker-demand-for-its-crude-as-us-oil-supply-thrives-tt.md) | +8.0% | +7.2% |
| BRENT | 2018-09-23 | [OPEC raises U.S. oil supply outlook, sees lower demand for own crude](https://feedsoft.ai/events/62935-opec-raises-u-s-oil-supply-outlook-sees-lower-demand-for-own-crude.md) | +4.9% | +1.6% |
| BRENT | 2024-12-11 | [OPEC makes fifth and biggest cut to 2024 oil demand growth forecast \| Reuters](https://feedsoft.ai/events/27123-opec-makes-fifth-and-biggest-cut-to-2024-oil-demand-growth-forecast-reuters.md) | +0.4% | +6.5% |

## Sources

- usatoday.com: https://www.usatoday.com/story/money/energy/2018/02/12/opec-hikes-2018-forecast-oil-supply-growth-us-crude/328492002/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.