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OPEC sees global oil supply as robust, demand growth revised a touch lower

September 12, 2018

Despite fears of disruptions to global oil supplies and curbs on production, major oil producing group OPEC sees global oil supplies as fine – it’s demand that should be worrying people.

The 15-member OPEC said Wednesday in its latest monthly report that preliminary data suggested that the global oil supply increased 490,000 barrels a day to average 98.9 mb/d in August, compared with the previous month.

In 2018, OPEC believes the non-OPEC oil supply in 2018 will grow by 2.02 million barrels a day (mb/d) despite making a downward revision of 64,000 b/d from its last report. In 2019, non-OPEC oil supply is expected to grow by 2.15 mb/d, a minor upward revision of 17,000 b/d.

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