OPEC Monthly Oil Market Report: Lowers 2019 oil demand growth forecast

Below are some of the key highlights from the latest OPEC Monthly Oil Market Report, released this Wednesday.

   •  Global oil demand growth to slow to 1.41 million bpd in 2019, down 20k bps from the previous forecast.
   •  Non-OPEC oil supply to grow by 2.15 million bpd in 2019, up 20k bpd from the previous forecast.
   •  Rising challenges in some emerging and developed economies are skewing the current global economic growth risk forecast to the downside.
   •  OECD oil inventories rose in July and stood 43 million barrels below the latest 5-year average, the level originally targeted by supply cut deal 
   •  OPEC, citing secondary sources, says its August oil output rose 278k bpd m/m to 32.56 million bpd.