Last week, United States President Donald Trump withdrew from the landmark agreement with Iran. The move roiled the international markets, with global crude oil prices rising to $77 per barrel, against $48 per barrel in June 2017 (Chart 1). The decision is likely to worsen the demand-supply dynamics of the oil market.
World oil demand is expected to rise by 1.63 million barrels per day (mb/d), reaching 98.7 mb/d in 2018 (Chart 2).
On the supply side, while non-OPEC countries are expected to boost supply by 1.71 mb/d to 59.61 mb/d in 2018 (Chart 3), supply by OPEC is
World oil demand is expected to rise by 1.63 million barrels per day (mb/d), reaching 98.7 mb/d in 2018 (Chart 2).
On the supply side, while non-OPEC countries are expected to boost supply by 1.71 mb/d to 59.61 mb/d in 2018 (Chart 3), supply by OPEC is