OPEC: Expects higher oil consumption in coming months which will help ease supply overhang

Market news

10 August 2016

OPEC: Expects higher oil consumption in coming months which will help ease supply overhang

2017 OPEC demand forecast at 33.01mbpd vs 32.98mbpd prior
2017 world oil demand growth forecast unchanged at 1.17mbpd
Expects 2017 non-OPEC supply to fall by 150kbpd vs 110k prior
Expects higher oil consumption in coming months which will help ease supply overhang and will contribute to expected rebalancing of market
Report implies that global oil market will see 100kbpd average surplus in 201, compared to small deficit in prior report
Secondary sources says OPEC output rose to 33.11mbpd
Saudi's say they raised output to record 10.67mbpd in July

*via forexlive

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