OPEC raised its forecast for growth of oil world demand by 0.01 million barrels / day for 2016 and 2017

Market news

14 December 2016

OPEC raised its forecast for growth of oil world demand by 0.01 million barrels / day for 2016 and 2017

Countries that are not members of the cartel, necessary to lower production for market rebalancing
Saudi Arabia said its production in November increased by 95 000 barrels / day to 10.72 million barrels / day
Oil market needed OPEC production cut of 32 million barrels / day, which roughly corresponds to the expected reduction in production
Consistent reduction of oil production by 1.8 million barrels / day would lead to market balance in the second half

U.S.: PPI, m/m, November 0.4% (forecast 0.1%)

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