IEA says recent price weakness may lead U.S. shale firms to reassess prospects; while output might be gushing, profits are not

Market news

13 July 2017

IEA says recent price weakness may lead U.S. shale firms to reassess prospects; while output might be gushing, profits are not

Global oil demand growth saw dramatic acceleration in q2, revises 2017 growth forecast up 100,000 bpd to 1.4 mln bpd
Sees hefty stock draw later in 2017 provided there is strong compliance with OPEC cuts and even if Libya, Nigeria output recovers further
Oil stocks fell in may to 266 mln barrels above 5-year average, vs 300 mln in april
Crude output rose by 340,000 bpd in june to highest level in 2017 on Saudi, Libyan, Nigerian increase
Compliance with cuts 78 pct in june vs 95 pct in may, lowest in 6 months; non-OPEC compliance 82 pct

BoE expect to further tighten standards for credit card and other unsecured lending in Q3

Major European stock exchanges trading in the green zone: FTSE 7420.75 +3.82 + 0.05%, DAX 12630.45 +3.87 + 0.03%, CAC 5229.64 +7.51 + 0.14%

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