Latest OPEC report now out
- says (citing secondary sources) says OPEC crude output rose 130k bpd to 32.33mln bpd in Jan
- Saudi Arabia told OPEC it raised output in Jan to 10.23mln bpd vs 10.14mln in Dec
- OPEC forecasts that non-OPEC 2016 supply will contract by 700k bpd due to low oil prices
Really? I don't see oil price being a factor in most producers output still, especially not Iran's.
- OPEC forecasts 2016 demand for its crude oil 31.61mln bpd vs 31.65mln prev
- OPEC report implies that oil market surplus in 2016 will increase to 720k bpd from 530k implied last month
Doesn't sound like the report of an organization about to cut production any time soon.
Brent $31.03 WTI $28.59.
