OPEC is set to release its latest, August, monthly report later today (Monday)

OPEC is due to release its latest monthly report on Monday, August 12.

• OPEC’s monthly Oil Market Report addresses the key issues affecting the global oil market and provides an outlook on crude oil market developments for the coming year. The report provides a detailed analysis of key developments affecting oil market trends in global oil demand and supply as well as oil market balance.

OPEC’s monthly report for July 2024 showed only a modest increase in oil production among member states.

The August report is not expected to show much difference:

• Global oil demand in 2024 is expected to grow by about 2.2 million barrels per day, unchanged from last month’s assessment.
• On the supply side, another small increase in production is expected, mainly in response to increased demand during the summer in the north.

The report is expected to be released around 12:00 GMT, or 08:00 ET.