OPEC revised up on Tuesday its 2018 forecast for total non-OPEC supply growth, while it left unchanged its projection for world oil demand growth at 1.65 million bpd this year. In its closely watched Monthly Oil Market Report published today, OPEC revised up its non-OPEC supply growth estimate by 130,000 bpd compared to last month’s report, and now expects non-OPEC supply growth of 1.86 million bpd in 2018 compared to 2017. “World oil demand in 2018 is forecast to grow by 1.65 mb/d, broadly unchanged from the previous month’s assessment, to stand at 98.85 mb/d,” OPEC said. Total OECD commercial oil stocks—OPEC’s current gauge of the oil market rebalancing—were 26 million barrels below the latest five-year average, as per preliminary data for April. Looking to the rest of 2018, the cartel pointed to “pronounced uncertainty about the second half of the year.” “While oil demand in the US, China […]