OPEC raises non-OPEC supply growth forecast

Haresh Menghani FXStreet

The Organization of Petroleum Exporting Countries (OPEC) raised its expectation for supply growth from the U.S. and other producers for a fourth consecutive month, according to its monthly market report.

Key headlines:

• Sees non-OPEC supply growth at 1.66 mbpd this year compared to 1.40 mbpd prior
• Sees demand growth slightly higher this year at 1.60 mbpd vs 1.59 mbpd prior
• Says OPEC-led supply cut deal continues to support oil market rebalancing and that demand remains a supportive factor
• Venezuela says output hit long term low of 1.586 mbpd in Feb
• Saudis pumped 9.935 mbpd in Feb vs 9.983 mbpd prior
• OECD inventories rose 13.7m barrels in Jan.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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