"Despite moderate economic growth, recent data shows better-than-expected oil-demand in the main consuming countries. This is mainly driven by lower oil prices. At the same time, US oil production has shown signs of slowing," OPEC said in its review.
It argued slower production "could contribute to a reduction in the imbalance of oil market fundamentals."
OPEC said the uptake in demand is "mainly driven by lower oil prices," but noted "signs that US production has started to respond to reduced investment and activity."
"Indeed, all eyes are on how quickly US production falls," it added.
It has also raised its forecasts for Russian output this year to 10.72 million barrels a day, before averaging 10.61 million barrels a day next year.
OPEC’s estimate of crude production in August averaged 31.54 million barrels a day.
In late July, OPEC said it would not decrease oil production, keeping its output level at 30 million barrels per day.
Market oversupply has lead to global oil prices losing nearly two-thirds of their value since mid-2014, with Brent crude averaging $48.72 per barrel and WTI $44.59 per barrel as of mid-Monday.
