IEA: Oil from Opec’s rivals to exceed demand growth

Non-Opec power: An oil pump is seen operating in the Permian Basin near Midland, Texas in the US. The US, Brazil, Canada and other producers outside the Organization of Petroleum Exporting Countries will increase output next year by the most in four years. — Reuters

LONDON: New oil supplies from Opec’s rivals will be more than enough to meet growth in demand next year, the International Energy Agency said in its first forecast for 2018, an indication the cartel may need to extend production cuts further.

The US, Brazil, Canada and other producers outside the Organization of Petroleum Exporting Countries will increase output next year by the most in four years, the IEA said.