As Q3 draws to a close, Opec and the IEA retain polar opposite views on the oil supply/demand outlook for the final quarter of the year. Significant variance is present on both the supply and demand side of the equation, but more heavily weighted on demand, where Opec is forecasting a bullish end to the year.
In order to meet forecast global demand, the IEA’s latest OMR calculates that Opec will have to produce 29.16mn b/d in Q4, while Opec’s MOMR puts this ‘Call on Opec’ at a much higher 29.87mn b/d. The discrepancy here is crucial. (CONTINUED - 929 WORDS)