US shale production resilientOil prices dropped in recent weeks to levels not seen since November 2016 as investors lost faith in the deal, while US shale oil production rose sharply. Growing demandNevertheless, the IEA believes strong demand growth – forecast at 1.4 million bpd in both 2017 and 2018 – may still help reduce bloated inventories in the second half of this year. After “lackluster” oil demand growth in the first quarter, “there was a dramatic acceleration” in the second quarter, “due to a combination of expected increases in India, and some surprise additions in the US and Germany,” it said. In total, global oil demand was projected to reach 98 million bpd this year. And it was set to increase at around the same pace again next year to 99.4 million bpd.

Source: Daily News Egypt July 13, 2017 18:33 UTC