Crude oil inventories in industrialized countries are ample and the risk to global oil demand growth next year remains skewed to the downside, producer group OPEC said on Tuesday, citing a slowing global economy.
The Organization of the Petroleum Exporting Countries, in a monthly report, said its own production rose by 254,000 barrels per day in August, despite the July 1 start of a European Union embargo on Iran's oil exports.
OPEC's report comes as the United States and other consumer nations are worried about high oil prices. Leaders of the Group of Eight major economies have signaled their readiness to tap into emergency oil stockpiles if needed.
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