Supply and demand balances through to end-2013 remain broadly unchanged from last month, despite a surge in prices and extreme market turbulence, the latest OPEC Monthly Oil Market Report (MOMR) shows.

OPEC basket prices have bounced back up into the $110-115/B range since 15 August (with the exception of one day). But the rise was more down to “higher speculative activity, constraints in North Sea supply, declines in crude oil stockpiles in the US, hopes for further monetary easing from major central banks, and geopolitical factors than a shortage of OPEC crude, argues the MOMR. (CONTINUED - 483 WORDS)