- OPEC forecasts higher demand for its oil in 2018 to 33.06M bbl/day, up by 230K from its previous forecast for its third consecutive monthly increase in the projection from its first estimate made in July.
- The report shows growing confidence among OPEC officials that its supply cut is working, but the cartel is not depending on a surge in prices, saying it expects crude oil to remain at $50-$55/bbl in the next year.
- “With the market moving into the winter season, distillate fuel supplies are notably tight, representing a change from the excess supplies seen in the last two years,” OPEC says.
- Also, Saudi Arabia unveils plans to pump 9.77M bbl/day in November, in what would be its smallest output since January 2015 and ~1M bbl/day below the 10.72M it pumped in November 2016, and limit crude export allocations next month to 7.15M bbl/day.
- But skeptical Commerzbank (DE:CBKG) analysts say the Saudi supply cut "relates to an unverifiable reference level," and other countries such as Russia and Iraq could step in to fill a potential fall in production if Saudi Arabia does reduce its exports.
- Crude oil trades roughly flat: USO, OIL, UWT, UCO, DWT, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILK, WTIU, OILX, WTID, USOI
- Now read: Aggressive Shale Production Growth Powered By Delusional Assumptions
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OPEC again hikes oil demand forecast; Saudi Arabia cuts oil output
Published 10/11/2017, 11:18 AM
OPEC again hikes oil demand forecast; Saudi Arabia cuts oil output
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