MARKET MUST SOONER OR LATER RESPOND TO LOW OPEC VOLUME, SAY OPEC ANALYSTS
Despite persistent weakness in a market beset by rumors and traders' downtalk, OPEC analysts are still convinced that spot prices must sooner or later respond to the current low level of OPEC production. With Saudi production down to well below 4mn b/d, MEES estimates that OPEC's November crude output is running at about 16.2-16.3mn b/d. This would indicate a stock draw of some 2-3mn b/d based on demand...
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