According to the monthly oil market report (MOMR), released by the International Energy Agency (IEA),
- IEA revised demand growth for 2017 to 1.5 million barrels per day from 1.3 million barrels per day. Growth is expected at 1.4 million barrels per day for 2018. Global oil demand is expected to reach 100 million barrels per day by the end 2018. In the first quarter of 2017, global oil demand was 96.54 million barrels per day.
- Global oil supplies in July increased by 0.52 million barrels per day from June. It was the third consecutive monthly increase. Global oil supply is up 0.5 million barrels per day from a year ago.
- The non-OPEC output is expected to expand by 0.7 million barrels per day in 2017 and by 1.4 million barrels per day in 2018. For the United States, IEA revised its production estimate for 2017 to 0.6 million barrels per day from 0.72 million barrels per day. Global oil supply was at 96.74 million barrels per day in the first quarter of 2017.
- OPEC crude production increased by 0.23 million barrels per day in July. OPEC compliance to the agreed production ceiling declined to 75 percent in July. YTD compliance at 87 percent.
- OECD oil inventories declined by 19.3 million barrels in June to 3,021 million barrels per day. Stocks are still higher by 219 million barrels compared to the five-year average.
