OPEC Monthly Oil Market Report: Lowers 2019 oil demand growth forecast

According to OPEC's Monthly Oil Market Report, released this Monday, Saudi Arabia lowered its oil production in July even as the kingdom has pledged to raise output significantly to make up for an expected drop in Iranian exports.

Key highlights: 

   •  Saudi Arabia pumped 10.288 mil bpd in July, down 200k bpd from June.
   •  2019 oil demand growth lowered by 20k bpd to 1.4 million bpd.
   •  2019 non-OPEC oil supply estimate revised up by 30k bpd to 2.13 million bpd.
   •  July output rose 41,000 bpd m/m to 32.32 million bpd.
   •  Sees further tightness in the diesel market, partly due to lack of refining investments.