Opec supply cuts ineffective

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 Opec will increase output next year by the most in four years, the IEA said. Oil prices have slipped 14 percent in New York this year as hopes that supply curbs by Opec would end a three-year surplus have proven wrong.