Executive Summary Oil market outlook

March 2018

Rising US oil production will remain the biggest hurdle to price gains, despite signs of improving global oil demand and weakness in the US dollar index. This will also slow the process of oil market rebalancing and will be a concern for countries participating in the OPEC-led output-cut agreement.

Tight oil production will drive growth in US oil output. The US produced 10.38 million barrels per day (MMb/d) of oil in the week ending 9 March, marking an all-time high. US oil production will receive further...

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