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

The Organization of the Petroleum Exporting Countries (OPEC) is set to release its latest monthly report on Monday August 12.

• The OPEC Monthly Oil Market Report (MOMR) covers major issues affecting the world oil market and provides an outlook for crude oil market developments for the coming year. The report provides a detailed analysis of key developments impacting oil market trends in world oil demand, supply as well as the oil market balance.

The July 2024 OPEC Monthly Report showed only a modest increase in oil production among member countries.

The August report is not expected to show much difference:

• 2024 global oil demand growth forecast at 2.2 mb/d, no change from last month’s assessment
• On the supply front a further small increase in output is expected, mainly in response to higher demand over the northern summer.

Expect the report around 1200 GMT, which is 0800 US Eastern time.

This article was written by Eamonn Sheridan at www.forexlive.com.