Crude oil trades a tad higher as the cartel revised higher its global oil demand growth forecasts for this year and next. They see consumption in the second quarter of 2017 surpassing expectations.
OPEC SAYS GLOBAL OIL DEMAND TO RISE 1.35 MILLION BPD NEXT YEAR (PREV FORECAST 1.28 MBPD)
OPEC RAISES 2017 GLOBAL OIL DEMAND GROWTH FORECAST TO 1.42 MBPD (PREV FORECAST 1.37 MBPD)
OPEC TRIMS 2018 NON-OPEC OIL SUPPLY GROWTH FORECAST TO 1.00 MILLION BPD (PREV FORECAST 1.10 MBPD)
OPEC’S 11 MEMBERS WITH SUPPLY TARGETS PUMPED 30.004 MBPD IN AUGUST, AMOUNTING TO 83 PCT COMPLIANCE WITH PACT (VS 86 PCT IN JULY) – REUTERS CALCULATION
OPEC SAYS OECD OIL INVENTORIES FELL IN JULY TO 3.002 BLN BARRELS, 195 MLN BARRELS ABOVE 5-YEAR AVERAGE
OPEC SAYS HURRICANE HARVEY AFTERMATH TO HAVE NEGLIGIBLE IMPACT ON U.S. OIL DEMAND, SAYS U.S. ENERGY INDUSTRY LOOKS TO BE REBOUNDING QUICKLY