OPEC raises non-OPEC supply growth forecast

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.

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 securities. 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 Forex 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.