OPEC publishes its monthly oil market report
- 2019 oil demand growth lowered by 20k bpd to 1.4 mil bpd
- 2019 non-OPEC oil supply estimate revised up by 30k bpd to 2.13 mil bpd
- Says that its July output rose 41,000 bpd m/m to 32.32 mil bpd
- Saudi Arabia pumped 10.288 mil bpd in July, down 200k bpd from June
- Sees further tightness in diesel market, partly due to lack of refining investments
Despite the cut by Saudi Arabia, OPEC as a whole managed to lift its crude production for the month of July. The biggest upside contributors came from Kuwait, Nigeria and the UAE.
OPEC also says that it expects demand for its crude to be 32.9 mil bpd this year. And that estimation is down 600k bpd than that of 2017.
Not much of note but mildly lower demand forecast and higher supply forecast estimate for 2019 is the key takeaway. WTI a little lower on the back of that to session lows of $67.26, down 0.55%.
