OPEC Monthly Oil Market Report (Jan.)

Today’s report showed an unexpected rise in OPEC’s production in December, despite a dramatic decline in Venezuela’s output. At the same time, the group made a small upward revision to its expectations of non-OPEC supply growth. But we still think that the cartel is underestimating the potential for non-OPEC output and expect the market to be in a small surplus in 2018, which will weigh on prices.

Subscriber content

Read this in full, free

Start a free trial and use one of your 10 free starter credits to unlock this piece.


Free. 10 articles. No card required.
By completing this form you are agreeing to our Terms and Conditions for the provision of a free trial of Capital Economics' services. We take your privacy seriously and will not share your details with others without your consent. By providing your details, including your email address, you are consenting to Capital Economics sending you macroeconomic commentary and analysis. You can unsubscribe at any time. See our Privacy Policy for more information.

Already a client or trialist? Log in to read this.