OPEC monthly oil market report: Global oil demand expected to increase by 1.5 mb/d in 2017

Global oil demand growth in 2017 is expected to increase by 1.5 mbpd, representing an upward revision of around 30tb/d from last previous report, revealed the latest OPEC monthly oil market report, released this Wednesday.

Key points:

   •  OPEC crude oil production in August decreased by 88t Bd to an average of 32.75 Mbd - Secondary Sources

   •  Saudi Arabia crude oil production in August fell 0.7t Bd to 9.975m Bd

   •  Global oil supply decreased by 0.41m Bd to average 96.75m Bd in September

   •  2017 demand for OPEC crude seen at 32.8 Mbd, around 0.6 Mbd higher than last year