OPEC AND OIL PRICES
IEA Puts 3Q Production Surplus at 2.6mn B/D
The latest (September) issue of the Oil Market Report (OMR) from the International Energy Agency (IEA) has come up with preliminary figures indicating a massive 2.6mn b/d surplus of supply over demand in the third quarter. Moreover - again on a preliminary basis - only 0.8mn b/d of this surplus appears to be moving into stocks, leaving what the IEA describes as a "balancing item" of 1.8mn b/d.
On the supply...