OPEC, on Wednesday said August crude production by the cartel, rose 278,000 barrels a day to average 32.56 million barrels a day. The increase was driven by higher output in Libya, Iraq and Nigeria.
OPEC also slightly lowered its forecast for growth in world oil demand this year to 1.62 million barrels a day, down from a previous estimate of 3 million barrels a day.
In its monthly report, the cartel said total oil demand for 2018 is estimated at 98.82 million barrels a day.
World oil demand growth, in 2019 is forecasted to rise by 1.42 million barrels a day, down by 20,000 barrels a day from OPEC’s previous report, primarily due to a less optimistic outlook for parts of Latin America and the Middle East.
On the supply front, non-OPEC supply is expected to grow 2.02 million barrels a day in 2018, down 64,000 barrels from the previous forecast, while 2019 supply is forecast to grow by 2.15 million barrels a day in 2019, an upward revision of 17,000 barrels a day.
Oil futures remained higher after the data, with October West Texas Intermediate crude futures CLV8, +0.87% on the New York Stock Exchange up 0.9% at $69.89 a barrel, while November Brent crude LCOX8, +0.25% the global benchmark, rose 0.2% to $79.21 a barrel.
The latest data from OPEC, collected both by direct communication with producers and from secondary sources, shows a contrasting picture of production in Iran.