IEA monthly oil market report: 2018 non-OPEC supply will be 1.7 mbpd

Here are some of the key highlights from the International Energy Agency's (IEA) monthly oil market report.

   •  Demand estimates in 2017 and 2018 are roughly unchanged at 97.8 mb/d and 99.1 mb/d respectively 
   •  Global oil supply in December eased by 405 kb/d to 97.7 mb/d
   •  A plunge in Venezuelan supply cut OPEC crude output to 32.23 mb/d in December
   •  Rapid US growth and gains in Canada and Brazil will drive up non-OPEC supply by 1.7 mb/d in 2018
   •  OECD commercial stocks declined for the fourth consecutive month in November, by 17.9 mb, with a large fall in middle distillates
   •  Global crude oil markets saw an exceptionally tight 4Q17
   •  Global refining throughput hit a record in 4Q17 at 81.5 mb/d