OPEC monthly report November 2017: Global oil demand is expected to rise by 1.53mbpd in 2017

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.

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