OPEC: Global oil supply decreased by 0.41m bd to average 96.75m bd in August

OPEC recently published its monthly report for August with key highlights, via Reuters, found below:

• Crude oil production in August decreased by 79 tbd to an average of 32.76 mbd
• Saudi Arabia crude oil production in August fell 10.3t bd to 10.032 mbd
• Crude oil output increased in Nigeria, while production showed declines in Libya, Gabon, Venezuela and Iraq
• Global oil supply decreased by 0.41m bd to average 96.75m bd in August
• Global oil demand is expected to rise by 1.42 mbd in 2017 after an upward revision of 50 tbd