- OPEC countries pumped 30.474m b/d in Sept., the most since Aug. 2013 and 402k b/d more than in Aug. 2014.
- OPEC maintains forecast for global oil demand growth at 1.05m b/d in 2014 and 1.19m b/d next year.
- “Production from Libya, Iraq, Angola and Nigeria increased. The recovery in gasoil consumption for industry and transportation use, along with emerging winter demand” will support the market in coming months, it says.
- Saudi Arabia Sept. crude production +107.1k b/d to 9.704m b/d, after its surprise cut of 408k b/d in Aug.
- Crude futures were recently -1.5% to $84.48.
- Source: Monthly Oil Market Report
- ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, CRUD, USL, UWTI, DNO, DWTI, SZO, OLO, OLEM