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In its monthly Oil Market Report for August, OPEC said that the outlook for oil market fundamentals seems “somewhat bearish” for the rest of 2019.  

Crude oil price came under pressure on OPEC’s remarks and the barrel of West Texas Intermediate erased a large portion of its daily gains. As of writing, the WTI was still up 0.5% on the day at $54.95. Below are some additional takeaways from the publication, as reported by Reuters.

“OPEC  leaves forecast for 2020 global oil demand growth unchanged at 1.14 million bpd.”

“OPEC cuts forecast for 2019 global oil demand growth to 1.10 million bpd (previous forecast 1.14 mbpd) on economic slowdown.”

“OPEC, citing secondary sources, says its July oil output fell by 246,000 bpd m/m to 29.61 mbpd due to supply cut deal, involuntary losses.”

“Saudi Arabia tells OPEC it cut July crude output to 9.58 mbpd, down 202,000 bpd m/m.”

“OPEC sees 2020  demand for its crude averaging  29.41 mbpd, up 140,000 bpd from previous forecast, on lower non-OPEC supply view.”

“OECD oil inventories rose in June and stood 67 million barrels above latest 5-year average – the level originally targeted by supply cut deal.”