In its monthly Oil Market Report for August, OPEC said that the outlook for oil market fundamentals seems "somewhat bearish" for the rest of 2019.
Crude oil price came under pressure on OPEC's remarks and the barrel of West Texas Intermediate erased a large portion of its daily gains. As of writing, the WTI was still up 0.5% on the day at $54.95. Below are some additional takeaways from the publication, as reported by Reuters.
"OPEC leaves forecast for 2020 global oil demand growth unchanged at 1.14 million bpd."
"OPEC cuts forecast for 2019 global oil demand growth to 1.10 million bpd (previous forecast 1.14 mbpd) on economic slowdown."
"OPEC, citing secondary sources, says its July oil output fell by 246,000 bpd m/m to 29.61 mbpd due to supply cut deal, involuntary losses."
"Saudi Arabia tells OPEC it cut July crude output to 9.58 mbpd, down 202,000 bpd m/m."
"OPEC sees 2020 demand for its crude averaging 29.41 mbpd, up 140,000 bpd from previous forecast, on lower non-OPEC supply view."
"OECD oil inventories rose in June and stood 67 million barrels above latest 5-year average – the level originally targeted by supply cut deal."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.