• 1 min UAE Oil Giant Seeks Partnership For Possible IPO
  • 45 mins Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 2 hours VW Fails To Secure Critical Commodity For EVs
  • 3 hours Enbridge Pipeline Expansion Finally Approved
  • 4 hours Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 4 hours OPEC Oil Deal Compliance Falls To 86%
  • 20 hours U.S. Oil Production To Increase in November As Rig Count Falls
  • 22 hours Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 1 day Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 1 day EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 1 day Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 1 day Aramco Says No Plans To Shelve IPO
  • 4 days Trump Passes Iran Nuclear Deal Back to Congress
  • 4 days Texas Shutters More Coal-Fired Plants
  • 4 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 4 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 4 days Chevron Quits Australian Deepwater Oil Exploration
  • 4 days Europe Braces For End Of Iran Nuclear Deal
  • 5 days Renewable Energy Startup Powering Native American Protest Camp
  • 5 days Husky Energy Set To Restart Pipeline
  • 5 days Russia, Morocco Sign String Of Energy And Military Deals
  • 5 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 5 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 5 days India Needs Help To Boost Oil Production
  • 5 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 5 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 5 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 5 days District Judge Rules Dakota Access Can Continue Operating
  • 6 days Surprise Oil Inventory Build Shocks Markets
  • 6 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 6 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 6 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 6 days Oil M&A Deals Set To Rise
  • 6 days South Sudan Tightens Oil Industry Security
  • 7 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
  • 7 days Turkmenistan To Spend $93-Billion On Oil And Gas Sector
  • 7 days Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years
  • 7 days Record U.S. Crude Exports Squeeze North Sea Oil
  • 7 days Iraq Aims To Reopen Kirkuk-Turkey Oil Pipeline Bypassing Kurdistan
  • 7 days Supply Crunch To Lead To Oil Price Spike By 2020s, Expert Says
Alt Text

Aggressive OPEC Pushes Oil Prices Up

Oil prices are once again…

Alt Text

Record U.S. Oil Exports Weigh On Oil Prices

West Texas Intermediate briefly slumped…

Alt Text

The Trillion Dollar Market That Stopped Chasing Profits

The revolution in the automobile…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

OPEC: Expect Oil Markets To Rebalance In H2 2017

OPEC logo

Demand for OPEC crude next year will be slightly higher than the supply OPEC has pledged, and together with the promised non-OPEC cuts, this is expected to speed up the drawdown of global stockpiles and bring forward the rebalancing of the oil market to the second half of 2017, the cartel said in its Monthly Oil Market Report on Wednesday.

OPEC’s own assessment of the timing of market rebalancing is more pessimistic than the estimates of the International Energy Agency (IEA), which said yesterday that if the cartel and non-cartel producers deliver the production cuts they agreed to over the weekend, the oil market is likely to move into deficit in the first half next year by an estimated 600,000 bpd.

According to OPEC, non-OPEC oil supply is expected to grow next year by 300,000 bpd, despite initial projections in July 2016 for a contraction. The expectation for non-OPEC supply growth is mainly due to higher price expectations for next year, the organization said.

As for U.S. production, OPEC expects companies “to step up activity in 2017 as they start to increase their spending amid a recovery in prices”. Citing consultancy Deloitte, OPEC said that most of the activities would be focused on completion, with very little investment made in exploration.

Referring to world oil demand growth next year, OPEC left its oil demand growth estimate unchanged from last month’s report at 1.15 million bpd, which would lead to an expected total world oil consumption of 95.56 million bpd. Related: U.S. Shale Finally Sees Production Rise

Apart from forward-looking estimates, OPEC reported today the cartel’s crude oil production for November.

Hardly surprising is that OPEC’s total November output – according to secondary sources – increased by 151,000 bpd from October to average 33.87 million bpd. That’s 1.37 million bpd more than OPEC’s pledged production target of 32.5 million bpd effective January. This raises again the question that everyone has been asking since early September: can and will OPEC really do it this time?

Last month, output within OPEC rose the most in Angola, Nigeria and Libya, and dropped the most in Kuwait and Saudi Arabia, OPEC’s secondary sources figures show.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News