OPEC monthly report now published 12 July
- on-going rebalancing of oil market noted
- sees 2018 demand for OPEC crude averaging 32.2mln bpd, down 60k on 2017
- sees non-OPEC supply rising by 1.14mln bpd in 2018 led by US, vs 800k growth in 2017
- OECD oil inventories fell slightly in May to stand at 3.015bln barrels, 2.34mln barrels above 5-year average.
Meanwhile in Istanbul OPEC sec gen says he expects oil demand to pick up in H2 2017]
" We remain optimistic"
Not to mention very hopeful.
WTI $45.76 Brent $48.21
Full OPEC report here
OPEC sees rebalancing of oil market
