OPEC raises non-OPEC supply growth forecast

The Organization of Petroleum Exporting Countries (OPEC) raised its expectation for supply growth from the U.S. and other producers for a fourth consecutive month, according to its monthly market report.

Key headlines:

   •  Sees non-OPEC supply growth at 1.66 mbpd this year compared to 1.40 mbpd prior
   •  Sees demand growth slightly higher this year at 1.60 mbpd vs 1.59 mbpd prior
   •  Says OPEC-led supply cut deal continues to support oil market rebalancing and that demand remains a supportive factor
   •  Venezuela says output hit long term low of 1.586 mbpd in Feb
   •  Saudis pumped 9.935 mbpd in Feb vs 9.983 mbpd prior
   •  OECD inventories rose 13.7m barrels in Jan.