OPEC Monthly Oil Market Report: global oil demand expected to rise by 1.53 mbpd

Here are the key highlights from the OPEC monthly oil market report, released this Monday:

   •  In Oct., OPEC crude oil production decreased by 151 tb/d, according to secondary sources, to average 32.59 mb/d
   •  Crude and products stocks indicated a surplus of around 129 mb and 25 mb, respectively, above the seasonal norm
   •  OPEC crude in 2017 is estimated at 33.0 mb/d, around 0.71 mb/d higher than in 2016
   •  OPEC crude in 2018 is estimated at 33.4 mb/d, about 0.46 mb/d higher than in 2017
   •  Total OECD commercial oil stocks fell in September to stand at 2,985 mb, 154 mb above the latest five-year average
   •  World oil demand growth expected to rise by 1.53 mb/d in 2017 after an upward adjustment to account for the better-than-expected performance of China in 3Q17