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According to OPEC’s latest Monthly Oil Market Report (MOMR), released this Wednesday, the cartel sees global oil demand moderating to 1.45 million bpd in 2019 from the 1.65 million bpd demand growth this year.

Key highlights:

   “¢   Sees enough rival supply to meet oil demand growth in 2019.
   “¢   Non-OPEC oil supply anticipated to grow by 2.10 million bpd.
   “¢   2018 forecast of non-OPEC oil supply growth revised higher to 2.00 million bpd.
   “¢   Saudi Arabia said to have increased supply by 459k bpd in June to 10.489 million bpd, above its OPEC target.