December 15th, 2017

Crude trade in 2018

Shaping up nicely

Asian oil demand is expected to grow rapidly next year: up 390k b/d in China; up 320k b/d in India; up 270k b/d in the rest of non-OECD Asia. Crude oil output in India, China and Malaysia should fall. Production agreements between and beyond OPEC members should keep Middle East production flat throughout next year, forcing Asian importers to look to the US and Brazil. The US and Canada should be able to lift output by a combined 1.4m b/d; Brazil by 0.18m b/d.

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