Highlights of the OPEC monthly report
- OPEC output fell by 3000 bpd to 30.031 mbpd, citing secondary sources
- Members bound by supply deal met 150% of pledged reductions
- Oil inventories in OECD rose by 3.3m barrels and stood 22.8m barrels above 5-year avg
- 2019 global demand forecast unchanged
- Trims non-OPEC supply growth forecast by 40,000 bpd to 2.14mbpd
- Saudi output fell to 9.742mbpd
The changes here are all very small. They note that US shale is facing logistical challenges.