OPEC headlines
- Sees non-OPEC supply growth at 1.66 mbpd this year compared to 1.40 mbpd prior
- Sees demand growth slightly higher this year at 1.60 mbpd vs 1.59 mbpd prior
- Says OPEC-led supply cut deal continues to support oil market rebalancing and that demand remains a supportive factor
- Venezuela says output hit long term low of 1.586 mbpd in Feb
- Saudis pumped 9.935 mppd in Feb vs 9.983 mpd prior
- OECD inventories rose 13.7m barrels in Jan
The story here is non-OPEC supply, which is almost entirely US shale.
