OPEC’s monthly report is on the wires

  • Lowers forecast 0f 2015 demand for its crude by 280,000 bpd on slower global demand
  • Raises forecast for 2015 non-OPEC supply growth by 120,000 bpd to 1.36 mln
  • If current oil price fall continues over a longer period it will impact on non-OPEC supply in 2015
  • Citing secondary sources it says the group’s crude output fell to 30.05 mln bpd in Nov, down 390,000 bpd from Oct on a fall led by Libya
  • Saudi Arabia tells OPEC it trimmed crude production in Nov by 80,000 bpd to 9.61 mln bpd

Brent having another look at session lows on the understandably gloomy forecasts having failed to hold above $66.00 earlier.

Update, a few things stand out:

  • They say US crude supply was at 8.86mbpd in 2014
  • “With a planned production life of more than 30 years, current technologies are anticipated to recover in excess of 500 million oil-equivalent barrels [in the US]“