OPEC Sees Non-OPEC Supply Weak As First Quarter Gets Under Way

OPEC has kept its year-on-year supply demand balance projections largely unchanged, the latest edition of itsMonthly Oil Market Report (MOMR) shows. But there have been some near term upgrades for its projections on fourth quarter 2011 and first quarter 2012 demand for its crude, largely on the back of downward revisions to estimates on non-OPEC supply.

As a result the MOMR revised its projections for the call on OPEC crude in...