OPEC out with the latest production numbers and there’s still no signs of cuts in production.
- 2014 & 2015 global oil demand growth forecasts are unchanged
- Opec crude demand forecast unchanged for 2014/15
- OPEC crude output rose 400kbpd to 30.47mbpd
- OPEC says drop in price from June reflects “ample supply” and lack of demand but winter demand should support the market
- Saudi Arabia tells OPEC it raised production in September to 9.704mbpd from 9.597mbpd
The market talk is getting around to guessing when (or if) OPEC members will start cutting production. Their next meeting isn’t until 27th November but they are releasing a World Oil outlook report with an annual bulletin which should give oil watchers a clue on how they view demand and supply. The lower we go in prices the more the market will be looking for production cut news.
