Latest OPEC report for November thinks that non-OPEC supply will contract more than previously forecast
- Sees bigger contraction in non-OPEC supply in 2016 (-600k vs -380k bpd prior)
- Raises 2016 world oil demand growth to 1.26mbpd vd 1.25m prior
- Forecasts 2016 OPEC demand 31.65mbpd vs 30.84mbpd
- 2016 oil surplus to shrink to 530kbpd vs 860kbpd prior
- Secondary sources says OPEC crude output (including new boys Indonesia) fell 210k bpd to 32.18m in Nov
There's nothing in the report about the lifting of Iranian sanctions and the continued fall in prices is the main reason behind the bigger contraction expectation of from non-OPEC supply
In the last hour or so Brent has managed to close the gap and run up to $29.55
