IEA: 2017 global oil demand growth forecast revised up by 100k bpd

In its latest monthly oil market report published on Thursday, the International Energy Agency (IEA) underscored concerns over oil market rebalancing any time soon.

Key Points:

Output may be gushing but profits are not   

Compliance with OPEC cuts slips to 78% in June vs 95% in May

Non-OPEC compliance 82%

Algeria, Iraq, UAE and Venezuela pump more than allowed

2017 global oil demand growth forecast revised up by 100k bpd to 1.4mln bpd

Global oil stocks fell in May to 266mln barrels above 5 year average vs 300 mln in April   

Sees hefty stock draw later in 2017 provided there is strong compliance with OPEC cuts and even if Libya, Nigeria output recovers further

Call on OPEC crude to rise steadily through 2017 and reach 33.6blb bpd in Q4