The OPEC monthly report for November 2017

  • OPEC Crude Oil Production In November Decreased By 133kbpd To An Average Of 32.45mbpd – Secondary Sources
  • Saudi Arabia Crude Oil Production In November Fell 45.4k Bd To 9.996mbpd
  • Global Oil Supply Decreased By 0.84mbpd To Average 97.44mbpd In November
  • Global Oil Demand Is Expected To Rise By 1.53m Bd In 2017 In Line With Last Month’s Forecast.
  • 2018 World Oil Demand Is Expected To Grow 1.51mbpd – Bulk Of Growth Will Come From Non-OECD With 1.23mbpd Of Potential Growth
  • 2017 Demand For OPEC Crude Seen At 32.8mbpd, Around 0.6mbpd Higher Than Last Year
  • For 2017, Non-OPEC Oil Supply Is Now Projected To Rise By 0.81mbpd, Up 0.15mbpd From October
  • Crude Oil Output Increased Mainly In Nigeria, While Production Mainly Declined In Angola, Saudi Arabia, Venezuela And UAE
  • US Crude Oil Imports In November Remained Stable At 7.6mbpd
  • The OPEC Reference Basket Rose 10% To Average $60/B
  • Year-To-Date, The Basket Was 30.% Higher At $51.62/B
  • Sees a balanced market by late 2018 as extended supply cuts further reduce the inventory overhang

Brent has had a little 70 odd pip swing around 64.25-63.58.

Ryan Littlestone

Psychedelic chartist extraordinaire. Have your shades ready.
Philosophy: “Don’t be a Dick for a tick”

Read how Ryan got into trading here
Ryan Littlestone

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