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Paris-based the International Energy Agency (IEA) published its oil report for the month of August, stating 2016 oil outlook remains unchanged from July report.
Key findings from the report:
OPEC crude oil output rose by 150 kb/d to 33.39 mb/d as Saudi Arabia pushed output to record highs & Iraq pumped more
2016 outlook is unchanged from July report
Global oil demand growth expected to slow through 2016
Global oil demand growth is expected to slow from 1.4 mb/d in 2016 to 1.2 mb/d in 2017, as underlying support from low oil prices wanes.
Global oil supply rose by about 0.8 mb/d in July, as both OPEC and non-OPEC production increased. Output was 215 kb/d lower than a year earlier, as declines from non-OPEC more than offset an 840 kb/d annual gain in total OPEC liquids.
Non-OPEC production is forecast to drop by 0.9 mb/d this year before rebounding by 0.3 mb/d in 2017.
