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OPEC is expected to release its August report later today, around 1200 GMT (0800 US Eastern Time). The report is likely to show little change from last month’s figures. The global oil demand growth forecast for 2024 remains at 2.2 million barrels per day (mb/d), unchanged from the previous assessment.
On the supply side, a modest increase in production is anticipated, primarily to meet the higher demand expected during the northern summer.
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