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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