Oil Today Report
Global oil supply demand was revised down due to rising prices, the International Energy Agency said in its latest forecast on Wednesday.The agency kept its global outlook for 2018 was revised down from 1.5 million barrels per day (bpd) to 1.4 pbd.While strong growth continued in the first quarter, the agency expects a slowdown in the second half of the year due to a rise in prices.The price of oil has been caught between a supply agreement by OPEC and the rise in U.S. crude. OPEC agreed in December to cut oil output by 1.8 million bpd until the end of 2018. The agreement was due to end in March 2018, having already been extended once.
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