All signs are pointing to a growing oil glut in the medium term as Opec this week acknowledged the growing reality that its crude is being squeezed from the market.

Opec’s latest Monthly Oil Market Report (MOMR) released 14 March brings Opec more in line with the IEA in projecting demand for Opec crude falling in 2018.

This is the first time Opec has projected demand for its crude (the ‘call on Opec’) falling in 2018. The group projects the call dropping 250,000 b/d from...