OPEC cuts its 2016 output forecasts for non-OPEC members

Market news

10 December 2015

OPEC cuts its 2016 output forecasts for non-OPEC members

The Organization of the Petroleum Exporting Countries (OPEC) released its monthly report on Thursday. OPEC's oil output in November rose by 230,100 barrels per day (bpd) to 31.695 million bpd from October, mainly due to higher oil output from Iraq. It was the highest output since 2009.

OPEC lowered its 2016 output forecasts for non-OPEC members by 250,000 bpd to average 57.14 million bpd. The downward revision was driven by a drop in U.S. shale-oil production.

Global oil demand growth is expected to be 1.25 million bpd in 2016, unchanged from its previous estimates and down from a 1.53 million bpd rise this year.

Gold trades mixed

European Central Bank Governing Council member Erki Liikanen: the ECB is ready to add further measures to boost inflation toward 2% target if needed

Market Focus

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer

Open Demo Account & Personal Page

Personal area

support@teletradepartners.com

Risk Warning: Trading in the financial markets (including trading on margin) provides a wide range of opportunities and enables investors ready to take risks to make high profits, but it carries a potentially high level of risk of loss. Therefore, prior to trading you should take into careful consideration whether such operations are suitable for you in terms of your level of knowledge and financial situation.