OPEC revised up its forecast of non-OPEC production in 2018 again and estimated that the market was in a surplus in the first quarter. Admittedly, the cartel still expects the market to be in deficit this year. But we think that this is unlikely given the rate of growth in US shale output.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.