OPEC Sees Oil Markets Tighten Further Even As US Shale Booms

On Thursday, OPEC also revised its forecast for supply growth from its rivals, non-OPEC, which is now forecast to grow by a further 80,000 barrels per day this year to 1.71 million bpd, driven largely by higher-than-anticipated growth in the first quarter in the United States and the former Soviet Union.

At the same time, it increased its forecast for global oil demand growth for this year by 30,000 bpd to 1.63 million bpd.

"This mainly reflects the positive momentum in the OECD in the 1Q18 on the back of better-than-expected data, and supported by development in industrial activities, colder-than-anticipated weather and strong mining activities in the OECD Americas and the OECD Asia Pacific," it said in the monthly market report.

Production in the United Arab Emirates posted the largest month-on-month increase, according to the secondary sources, rising by around 45,000 bpd in March to 2.86 million bpd.

OPEC kingpin Saudi Arabia told the group it pumped 9.907 million bpd in March, 28,000 bpd below its February level.

Venezuela reported production of 1.509 million bpd in March, 77,000 bpd below the level it reported in February.

(Reporting by Ahmad Ghaddar; Editing by Dale Hudson and David Evans)