“Still, recent non-OECD consumption remains comparatively muted, exemplified by Chinese deliveries that undershot expectations in July, resulting in essentially flat y-o-y oil demand growth. Oil supplyIn August, global oil supply reached a record 106.9 million b/d as OPEC+ continued to roll back production cuts and non-OPEC+ supply hovered near all-time highs. Current projections indicate that world oil production will increase by 2.7 million b/d to 105.8 million b/d this year, and by an additional 2.1 million b/d to 107.9 million b/d next year. Of this growth, non-OPEC+ countries are expected to contribute 1.4 million b/d this year and just over 1 million b/d next year. According to preliminary data for August, global oil stocks were largely unchanged as lower oil on water was offset by OECD builds.