Latest report from OPEC now out
- 2016 growth forecast left unchanged at 1.34m bpd
- raises 2016 forecast demand for its crude by 50k bpd to 30.12m bpd
- 2015 forecast left at steady
- trims non-OPEC oil supply growth forecast by 40k bpd to 270k bpd
- revises 2015 forecast up by 90k bpd to 960k bpd
- says decline in oil price in July was triggered largely by oversupply
Or lack of demand
Elsewhere Livesquawk are reporting that Saudi Arabia ordered OPEC to cut crude output by 203k bpd in July
OPEC output has now reached a 3year high as Iran pumps the most it has since 2012
Any surprises that the oil price is on the back foot? I can't see the scenario changing
WTI $44.26 near session lows
Brent $ 49.81 after lows of $49.68
