- trend in rapid US oil production growth to continue in 2014 and beyond
- OPEC crude oil supply rose on Dec by 310,000 bpd to 29.82 mln bpd,led by Saudi Arabia and UAE
- Saudi oil output rose by 75,000 bpd to 9.82 mln bpd in Dec
- IEA raises estimate of 2014 ” call on OPEC crude and stock change” by 200,000 bpd to 29.4 mln bpd
- keeps estimate of 2014 non-OPEC oil supply growth steady at 1.7 mln bpd, powered by US output
- says OECD commercial oil stocks plummeted by 53.6 mln barrels in Nov to 2.607 bln
Sounds bullish on the headlines and therefore price positive
Read the full report from the International Energy Association here