The International Energy Agency (IEA) said recently that it is expected that global oil demand will accelerate this year. IEA raised its 2018 global oil demand forecast to 99.3 million barrels per day, up from 97.8 million barrels in 2017.

IEA pointed out that the commercial crude oil inventory of OECD countries in January increased for the first time in seven months, reaching 2.871 billion barrels, 53million barrels higher than the five-year average. However, the IEA stressed that Venezuela's problems could still trigger a new wave of inventory decline. Venezuela is currently experiencing an economic crisis, and its oil production has fallen by 50% in the past two years, to the lowest level in more than 10 years.

In order to reduce inventories, the organization of Petroleum Exporting Countries (OPEC), Russia and several other oil producing countries have implemented the production reduction agreement from January 2017 until the end of 2018. IEA pointed out that assuming no change in OPEC production before the end of this year, OECD crude oil inventories are expected to increase slightly in the first quarter of this year and then decrease. It is estimated that the supply of non OPEC oil producing countries will increase by 1.8 million barrels per day to 97.9 million barrels per day in 2018.

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