- Crude production is falling behind demand to the tune of 1M barrels per day in Q3, says the IEA. "Our balances show essentially no oversupply during the second half of the year."
- It's a combination of big production cuts by non-OPEC producers and healthy demand.
- In other news, Saudi Arabia energy minister Khalid al-Falih says market forces are already doing their work, but his country is ready to do what it can to further support prices.
- WTI crude is higher by 3.6% to $43.22 per barrel. USO +3.95%
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