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IEA: expect more supply growth unless OPEC curbs output

Published 11/10/2016, 04:45 AM
IEA: expect more supply growth unless OPEC curbs output
  • 2017 could be another year of "relentless global supply growth" similar to that of 2016 if OPEC fails to make cuts and production from outside of the cartel keeps rising, IEA says in its latest oil market report.
  • Main issue is the outcome of OPEC's Nov. 30 meeting in Vienna. "OPEC must agree to significant cuts in Vienna to turn its Algiers commitment into reality."
  • In Oct., global oil supply rose 0.8M/bpd to 97.8M/bpd after producers of OPEC and non-OPEC increased supply.
  • On the demand side, "there is currently little evidence to suggest that economic activity is sufficiently robust to deliver higher oil demand growth, and any stimulus that might have been provided at the end of 2015 and in the early part of 2016 when crude oil prices fell below $30/bbl is now in the past."
  • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILK, OILX

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