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The International Energy Agency (IEA), in its monthly Oil Market Report released, this Thursday, revealed that global oil supply reached a record 100 million barrels per day (bpd) in August.

Key highlights:

   “¢   Higher output from OPEC managed to more than offset seasonal declines from non-OPEC members.
   “¢   August saw OPEC’s crude supply hit a nine-month high of 32.63 million bpd.
   “¢   Non-OPEC supply was also up 2.6 million bpd in August, led by the US.
   “¢   Warns of higher oil prices as the situation in major producers – Venezuela and Iran, intensify.
   “¢   Oil prices could break out above $80 per barrel unless other producers act to offset deepening supply losses.
   “¢   There is a risk to the 2019 outlook for demand as well.
   “¢   Cites challenges in emerging markets such as currency depreciation and trade disputes.
   “¢   For now, the risks aren’t enough to change forecasts just yet.

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