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In its latest monthly report, OPEC says its production rose by 12K bbl/day to 31.9M bbl/day and raises its global oil demand forecast for 2018 by 25K bbl/day, to increase by 1.65M bbl/day Y/Y and average 98.85M bbl/day, according to the cartel's latest monthly report.

A global oil glut has been virtually eliminated, according to Opec figures, thanks in part to an Opec-led supply cut deal in place since January 2017 and fast-rising global demand.

The oil-cartel expects non-OPEC supply in 2018 to grow by 1.7 million barrels year-over-year, almost 90% of which should come from the U.S.

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Oil prices steadied below 3-1/2 year highs on Monday as resistance emerged in Europe and Asia to USA sanctions against major crude exporter Iran, while rising US drilling pointed to higher North American production. That is just 9 million barrels above the oil-cartel's target of the last five-year average.

Futures for September delivery on the Shanghai International Energy Exchange fell 1.2 percent to 465.5 yuan a barrel. Tight and shale formations are expected to average 5.76 million barrels a day, accounting for 94% of total US petroleum supply in 2018, according to OPEC.

The OPEC's report also put Iran's oil output, based on direct communication, in the mentioned month at 3.804 million bpd, near 2,000 bpd fall from 3.806 million bpd in the previous month.

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WTI light sweet oil was up 10 cents at USD70.80 a barrel, staying near last week's 4-year peak.

But OPEC forecast headwinds to future growth, such as the slow place of oil industry investment and an expected dip next year in investment in USA shale, also known as tight oil.

The United States said on Tuesday that it plans to impose new sanctions against Iran after abandoning an agreement reached in late 2015 that curbed Tehran's nuclear activities in exchange for removal of US and European sanctions.

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"Fast-growing US tight oil production is increasingly faced with costly logistical constraints in terms of outtake capacity from land-locked production sites", OPEC said.

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