The OPEC oil cartel urged continued production restraint Wednesday, saying output gains are still expected to outpace growth in demand for oil.
With OPEC and its allies set to meet on Thursday to consider fresh reductions, the monthly report argued that oil market needs stability.
While world oil demand is forecast to increase around 1 million barrels per day (mbd) in both 2019 and 2020, the cartel said that: "Nevertheless, this is expected to be outpaced by the strong growth in non-OPEC supply."