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OPEC Warns Of Slowing Oil Demand Amid Growing Risks To Global Economy

Amid fears of global oil supply disruption and production curbs, in its latest monthly report, OPEC expects global oil supplies to remain stable, while cautioning that demand is becoming a growing concern.

In the latest report, OPEC said 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.

OPEC projects that in 2018, non-OPEC oil supply will grow by 2.02 mmb/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 another 2.15 mb/d, an upward revision of 17,000 b/d. Meanwhile, OPEC’s supply is also rising.

According to secondary sources total crude oil production by OPEC members averaged 32.56 mb/d in August, an increase of 278,000 b/d over the previous month. As shown in the table below, oil output increased mostly in Libya, Iraq and Nigeria, while production declined in Iran, which is due to be hit with sanctions on its oil industry from November onwards, Venezuela, which is experiencing economic and political upheavals depressing production, and Algeria.

Meanwhile, oil production by OPEC’s leader Saudi Arabia rose by 38kb/d to 10.4 million barrels daily, ticking up every months since May, when it and Russia signalled that they could increase output to fill any supply shortages due to incoming U.S. sanctions on Iran’s oil industry.

One curious divergence: according to secondary sources, Iran’s oil supply production fell by 150,000 barrels a day from July to August to around 3.5 mb/d. But according to Iran’s own reporting, production was stable and unchanged production figures for the last three months, however, of 3.8 mb/d.

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