Opec was buoyed this week by upwards revisions to global demand expectations in the IEA and Opec’s latest monthly reports. But all indications are still that the market imbalance will persist into 2019, with global stockpiles remaining stubbornly high. Moreover, growing evidence of a slowdown in Chinese demand growth could further extend the supply glut (MEES, 1 September).
Nine months into what was initially planned to be a six-month deal to limit output from 1 January (MEES, 2 December 2016), global supply and demand remain finely balanced. Global stockpiles, though edging lower, remain at near-record highs. (CONTINUED - 1328 WORDS)
