- The monthly IEA report shows that OPEC output rose by 250,000 barrels per day against previous month. Saudi Arabia and Iraq were the main drivers for the additional output.
- Even if OPEC cancels its plans to hike production back to normal, inventories will accumulate next year by 920,000 barrels a day amid booming supplies from the US, Guyana and Brazil, according to the IEA.
- Reuters reports ahead of the numbers from the American Petroleum Institute (API) that the US reserves should be depleted with summer demand having peaked by now.
- The weekly Crude Oil Stock print will be released by the American Petroleum Institute at 20:30 GMT. The previous number showed a marginal build of only 180,000 barrels.
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