Latest OPEC monthly report

  • Raises 2015 global demand forecast by 100kbpd to 1.28mbpd
  • Sees world oil demand increasing by 1.34mbpd in 2016
  • Sees a more balanced market in 2016 as demand outpaces non-OPEC supply and OPEC NGLS, raising consumption of OPEC crude
  • Cuts 2015 OPEC demand by 100k to 29.21mbpd
  • Raises 2016 OPEC demand by 860k to 30.07mbpd
  • Non-OPEC supply +220k to 860k for 2015
  • +300k 2016
  • Secondary sources show OPEC output rose 283k to 31.38m in June
  • Saudis June output +231k vs May to 10.56m

The comments on demand are being taken bullishly by Brent crude, which has risen about 80 ticks to 58.48 over the last few minutes