Refiners around the world will process record volumes of crude this quarter as their intake rebounds after falling in the second quarter by the most since 2009, the Paris-based adviser said in its monthly report.
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Oil prices slipped on Thursday as crude inventories in the USA continued to expand last week despite expectations of a slide, while Saudi output hit a new record high.
This was the main reason why crude prices have come under downward pressure in recent weeks, OPEC said.
The agency also predict USA crude oil output to reach 8.31 million bpd next year, up from its forecast of 8.2 million bpd in July.
The data came just days after Qatari energy minister and OPEC President Mohammed bin Saleh al-Sadah announced that the producer group would hold informal meetings next month at the International Energy Forum in Algeria. It was expected that there would only be a gasoline stockpile drop of 1.1 million barrels.
Oil prices declined sharply on Wednesday after USA government data showed unseasonal growth in commercial crude stockpiles, while traders remained skeptical about a planned OPEC meeting next month. With the increases over the last three weeks, crude oil inventories are now 188 million (53%) above average for this time of year and within 20 million barrels of their multi-decade peak. It also boosted estimates for supplies from outside the Organization of Petroleum Exporting Countries by 200,000 barrels a day as Kazakhstan starts its long-delayed Kashagan project. Total OPEC production was up 46,000 barrels per day to 33.11 million barrels.
Its previous production high was 10.56 million barrels a day in June 2015. In July, the OPEC Reference Basket averaged $42.68 per barrel.
But compared with a year earlier, July demand in the kingdom fell by 220,000 barrels a day, or 8%, to 2.76 million barrels a day, because of natural gas production that Saudi Arabia brought on stream this year, OPEC said.
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Traders said excess supplies of crude and refined fuel products were weighing on markets, while a proposed meeting by oil producers was unlikely to result in significant market tightening.
