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Global macro oils short-term outlook: early November 2016

Global macro oils short-term outlook: early November 2016

Report summary

After OPEC’s 28 September 2016 Algiers meeting, the oil market began anticipating an agreement for an output cut and Brent rose as high as $53 per barrel in early October. The apparent lack of progress towards a production deal weakened oil prices in late October. The next turning point is the 30 November 2016 full OPEC meeting in Vienna. The analysis in this Macro Oils Monthly Update assumes OPEC does not implement a significant production cut.

We have revised the oil demand outlook upward primarily because of historical revisions. Both non-OPEC and OPEC supply have been revised upward for 2016-2018 as production has outperformed expectations. The short term supply and demand balance no longer shows an implied stockdraw for Q4 2016.

What's included?

This report includes 3 file(s)

  • Global macro oil short term outlook early Nov 2016.pdf PDF - 2.32 MB
  • Global macro oils short-term outlook 8 Nov 2016 data.xls XLS - 981.50 KB
  • Global macro oils short term outlook 8 Nov 2016 prices.xls XLS - 269.50 KB


The oil industry is one of the largest in the world, with high revenues and costs, and major investments that have long lead times. The short-term outlook captures key industry developments, the impact of events and geopolitical influences on oil prices.

This Oil Markets Short Term Outlook report provides detailed fundamentals of supply and demand.

Crude oil investors can use this report to make short-term tactical decisions and assess the behaviour of industry players and governments.

Wood Mackenzie gives you an informed, independent view on oil prices and the key drivers and trends impacting the oil market. Our highly experienced analysts are based in the key oil producing and consuming regions they analyse, providing detailed field-by-field data and demand forecasts driven by country and sector developments.

Our trusted insight helps you deliver successful growth strategies.

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