Corrected: 89% of non-OPEC 2018 supply growth from US - OPEC

FxWirePro: Brent WTI spread reaches highest in 38 months amid Middle East tension and increasing US supplies

FxWirePro: Brent WTI spread reaches highest in 38 months amid Middle East tension and increasing US supplies

"Germany has said it will protect its companies from US sanctions, Iran has said French oil giant Total has yet to pull out of its fields and all the while it seems the Chinese are ready to fill the void created by the U.S".

The remarks from Middle East producers "did force investors to look a little bit more closer at the impact of USA sanctions on Iran and certainly there's some questions about the impact that we'll eventually see", Daniel Hynes, a senior commodities strategist at the Australia & New Zealand Banking Group Ltd., said by phone from Sydney. That's down from 340 million barrels above the average in January 2017.

Improving conditions for shale-derived oil and gas pushed total U.S. capacity past the 10m bbl/day mark in November last year, with the country expected to account for 1.5m bbl/day of the projected 1.7 m bbl/day supply growth from non-OPEC producers this year.

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Global economic growth forecasts were left unchanged at a 3.8% overall GDP increase for the year, while OPEC revised up its world oil demand estimate by 25,000 bbl/day to 1.65m bbl/day for 2018 on the back of firmer OECD data.

Commercial oil inventories in the Organization for Economic Cooperation and Development-a group of industrialized, oil-consuming nations that includes the USA -fell by 12.7 million barrels in March, to stand at 2.829 billion barrels, OPEC said.

Futures for September delivery on the Shanghai International Energy Exchange fell 1.2 percent to 465.5 yuan a barrel.

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OPEC output rose by just 12,000 barrels per day (bpd) to 31.93 million bpd in April, according to figures OPEC collects from secondary sources.

Crude oil futures were flat Monday moring as OPEC raised its forecast for non-OPEC production due to the United States shale oil boom. OPEC has not yet signalled what this may mean for its supply cut accord, but stated that it "stands ready to support oil market stability".

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