OPEC monthly report: global oil demand to rise by 1.65 mbpd in 2018

OPEC, in its monthly oil market report (MOMR), anticipates global oil demand to rise by 1.65 million bpd in 2018.

Key points:

   •  Total OPEC crude oil production rose in May.
   •  Oil inventories declined in April.
   •  2018 demand for crude averaging 32.75 mil bpd, unchanged from prior forecast.
   •  There is 'pronounced uncertainty' about oil market outlook for 2H 2018.
   •  Cites downside risks for demand in US, China, and India.
   •  Higher production in Iraq, Saudi, and Algeria partially offset by decreased production in Nigeria, Venezuela, and Libya.