Macro Oils short-term outlook: OPEC faces the ultimate balancing act
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Executive summary
- Global supply: all eyes on the outcome of the OPEC+ 6-7 December meetings as Qatar announces exit from the group
- OPEC base case: moderate production cut assumed
- OPEC could opt for deeper, more sustained cuts through 2019
- Iran sanctions waivers push up 2019 exports
- Non-OPEC supply: stronger US growth as Canada suffers from lack of takeaway capacity
- Canada takeaway constraints prompt mandated cuts to 2019 production
- Strong upward revisions to total US liquids supply
- Lower 48 crude outlook shows strength despite weaker prices
- 1 more item(s)...
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