Malcolm Graham-Wood
Independent Analyst
After a good, if short run, the oil price came back a fair bit yesterday on the back of a number of maybe related pieces of news. Opec produced their monthly which made quite good reading but also announced that the cartel’s production was up to 31.57m b/d, possibly near a three year high. They did move slightly towards the IEA stance by upping their Non-Opec supply numbers by another 200/- b/d for this year and a much more substantial 500/- b/d for next year.
Kuwait also added to the mystery by saying that ‘there are no calls within Opec to change the group’s production policy and lower output from higher cost producers could support prices in 2016’. Inventory figures tonight are important as there is a seasonal product imbalance on the way and refiners are taking less crude.
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