International Energy Agency out with their latest monthly report

  • new forecast is a 5-year high
  • OECD oil inventories rose by a further 18m barrels in July to a record 2923m barrels
  • global refinery throughout reached a seasonal peak of 80.9 m barrels in August
  • OPEC crude oil output fell by 220k bpd in August to 31.57m bpd
  • oil prices sank to new 6-year lows in August as supply overhang grew and concern deepened over the global economy, especially China
  • US oil production is likely to bear the brunt of an oil price decline that has already wiped half the value of Brent crude

Full report here. Not a lot we didn't already know/glean

but worth a read