Worried about your petrol bill? Relax, oil prices won't rise much this year

The International Energy Agency sees 'explosive' growth in US oil output as prices rally

US oil output is set for “explosive” growth this year as prices rally, potentially offsetting a further collapse in Venezuela’s production, the International Energy Agency (IEA) said.

The agency is joining a chorus of voices from Goldman Sachs group Inc and OPEC’s own analysts in warning of a surge in US production as oil hits three-year highs. Output cuts led by the Organization of Petroleum Exporting Countries (Opec) have been successful in eroding bloated stockpiles, and yet they risk becoming a victim of their own success.

The IEA boosted its forecasts for non-Opec supply growth this year by 100,000 barrels