Bullish trajectory for crude oil in 2017

We expect the global demand for crude oil to grow by one million barrels per day (bpd) year-on-year in 2017. After two years of strong growth, we expect it to moderate as price elasticity effects fade away. Also, a sharp rise in oil prices will put additional pressure because the past two years was driven by petrol and jet kerosene.  On the supply side, we expect that from non-Organization of Petroleum Exporting Countries countries to increase by 200,000 bpd y-o-y in 2017 after the significant decline observed in 2016.  The increase in non-Opec supply is very ...   
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