# IEA: Oil supply growth to outpace rise in consumption in 2018

> The IEA expects oil supply growth in 2018 to outpace demand growth, with non-OPEC output rising 1.5 million barrels per day. Global consumption is forecast to exceed 100 million barrels per day for the first time.

- Date: 2017-06-14 · published 2017-06-14T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/70397-iea-oil-supply-growth-to-outpace-rise-in-consumption-in-2018
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A forecast supply surplus in 2018 is bearish for crude and points to ample energy supply. The outlook also suggests OPEC cuts may face pressure to be extended or deepened.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2018-02-12 | [OPEC hikes 2018 forecast for oil supply growth on a flood of US crude](https://feedsoft.ai/events/66425-opec-hikes-2018-forecast-for-oil-supply-growth-on-a-flood-of-us-crude.md) | +2.6% | +3.9% |
| BRENT | 2018-01-19 | [IEA Sees ‘Explosive’ Growth in U.S. Oil Output as Prices Rally - Bloomberg](https://feedsoft.ai/events/67147-iea-sees-explosive-growth-in-u-s-oil-output-as-prices-rally-bloomberg.md) | +2.0% | -8.4% |
| BRENT | 2018-07-30 | [OPEC Oil Production Hits 2018 High In July \| OilPrice.com](https://feedsoft.ai/events/63954-opec-oil-production-hits-2018-high-in-july-oilprice-com.md) | -2.3% | +0.7% |
| BRENT | 2020-04-01 | [Oil falls on oversupply fears and US inventory growth](https://feedsoft.ai/events/53815-oil-falls-on-oversupply-fears-and-us-inventory-growth.md) | +44.4% | +9.2% |
| BRENT | 2018-08-31 | [Saudi crude oil output in August rises to 10.424 million b/d: OPEC source](https://feedsoft.ai/events/63444-saudi-crude-oil-output-in-august-rises-to-10-424-million-b-d-opec-source.md) | -1.7% | +5.5% |
| WTI | 2018-02-12 | [OPEC hikes 2018 forecast for oil supply growth on a flood of US crude](https://feedsoft.ai/events/66425-opec-hikes-2018-forecast-for-oil-supply-growth-on-a-flood-of-us-crude.md) | +4.4% | +3.6% |
| WTI | 2018-01-19 | [IEA Sees ‘Explosive’ Growth in U.S. Oil Output as Prices Rally - Bloomberg](https://feedsoft.ai/events/67147-iea-sees-explosive-growth-in-u-s-oil-output-as-prices-rally-bloomberg.md) | +2.5% | -3.9% |
| WTI | 2018-07-30 | [OPEC Oil Production Hits 2018 High In July \| OilPrice.com](https://feedsoft.ai/events/63954-opec-oil-production-hits-2018-high-in-july-oilprice-com.md) | -0.3% | +1.0% |

## Sources

- hydrocarbonprocessing.com: https://www.hydrocarbonprocessing.com/news/2017/06/iea-oil-supply-growth-to-outpace-rise-in-consumption-in-2018/

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