OPEC Monthly Oil Market Report: global demand for OPEC crude seen at 32.0 Mbpd

According to the OPEC Monthly Oil Market Report (MOMR) for July 2017, released on Wednesday, US crude oil imports in June dropped by 247 Tbd from May, to average 7.9 Mbd.

Additional headlines:

   •  2017 demand for OPEC crude seen at 32.0 Mbd, around 0.3 Mbd higher than last year
   •  Non-OPEC oil supply is now projected to rise by 0.08 Mbd to average 57.82 Mbd, down by 0.05 Mbd from May
   •  Sees non-OPEC supply rising by 1.14mln bpd in 2018 led by US, vs 800k growth in 2017
   •  The OPEC Reference Basket (ORB) averaged $45.21/barrel in June, down over 8% from May to its lowest value for 2017