Oil prices are higher this morning, due to the monthly IEA report which raised its demand forecast for 2014. Global oil demand is now seen at 92.5 million bpd. The competing headline is the breathless citation by the IEA of the strong upward surge in US oil production. Straight from the report (via Reuters): “Growth in U.S. crude oil production has exceeded even the most bullish of expectations. Our current estimate of US crude output for 2013 outstrips our projection of a year ago by about 455,000 bpd and our initial, July 2012 forecast by 690,000 bpd.
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