OPEC Watch

18 January, 2018

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.

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