In a monthly report, the Organization of the Petroleum Exporting Countries said the world will need 32.05 million barrels per day (bpd) of crude from its 15 members in 2019, down 130,000 bpd from last month's forecast. Saudi Arabia's July production fell to 10.387 million barrels a day, a month-over-month decrease of about 53,000.
Japan and South Korea, where summer consumption was bumped up by an unusual heat wave, jointly imported around 6.3 million bpd of crude in July, compared with an average of 6 million bpd in the first half of the year.
In refined products, analysts polled by Platts were looking for USA gasoline inventories to have declined by 1 million barrels the week ending August 10 and distillate inventories to have risen by 250,000 barrels as United States economic growth supports higher demand for refined products. In June the Saudis raised production by more than 400,000 barrels a day, and the August cutbacks follow a July agreement between the cartel and its partners, including Russian Federation, to increase production. Increased production in Kuwait, Nigeria and the United Arab Emirates more than offset the drop elsewhere.
"This week, we saw the IEA [International Energy Agency] maintain its projections for global oil demand in 2018, while OPEC made a minor downward revision.
In 2019, crude demand is expected to grow globally to a record 100.26 Mmbdp.
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Oil demand growth in 2019 will be lower than originally expected, the Organization of the Petroleum Exporting Countries and Russian Federation stated in its monthly report.
US crude inventories rose unexpectedly last week USOILC=ECI, climbing 6.8 million barrels in spite of refinery crude runs hitting a record high, the Energy Information Administration's data showed. Crude stocks at the Cushing, Oklahoma USOICC=ECI, delivery hub for USA crude futures rose 1.6 million barrels.
Meanwhile, investors were watching the impact of USA sanctions on Tehran, which analysts say could remove as much as 1 million bpd of Iranian crude from the market by next year.
Although Brent crude oil LCOc1 has become about 8 percent more expensive this year in dollars, the price increase has been 14 percent in China's renminbi CNY= and more than 18 percent in Indian rupees INR= .