• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days China's aggression is changing the nature of sovereignty.
  • 4 days Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 2 days Ukrainian Maidan after 8 years
  • 3 days OPEC+ Expects Large Oil Glut In Early 2022
  • 2 days Delta variant in European Union
  • 2 days Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 13 hours Communist China Declared War on the US Long Ago Part 1 of the 2-part series: The CCP's War on America
  • 3 days Forecasts for Natural Gas
  • 3 days Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 4 hours President Biden’s Nuclear Option Against OPEC+ - Waste of Time
  • 17 hours Сryptocurrency predictions
  • 3 days NordStream2
  • 3 days CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 4 days Big Bounce: Russian gas amid market tightness - new report by Oxford Institute for Energy Studies
Florida Startup Offers Solution To Decades-Old Pipeline Puzzle

Florida Startup Offers Solution To Decades-Old Pipeline Puzzle

Florida-based company Trans Caspian Resources…

Could The World Run On Nitrogen?

Could The World Run On Nitrogen?

Scientists and researchers are scrambling…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

OPEC: Expect Oil Markets To Rebalance In H2 2017

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:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News