OPEC’s monthly report: oil prices will start to recover this year

Market news

18 January 2016

OPEC’s monthly report: oil prices will start to recover this year

The Organization of the Petroleum Exporting Countries (OPEC) released its monthly report on Monday. OPEC said that oil prices will start to recover this year, adding that supply from non-OPEC members will decline due to low oil prices.

"The analysis indicates that 2016 will be a supply-driven market. It will also be the year when the rebalancing process starts," OPEC said in its report.

Supply from non-OPEC members is expected to fall by 660,000 barrels per day (bpd) in 2016.

OPEC's output declined by 210,000 bpd to 32.18 million bpd in December, according to the report.

Global oil demand is expected to climb by 1.26 million bpd in 2016, OPEC noted.

Oman is ready to cut its oil output

Australia’s inflation gauge rises 0.2% in December

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.