Oil Prices Unmoved By Surprise Crude Build

An oil pumpjack in Sweetwater Texas.							Spencer Platt  Getty Images

An oil pumpjack in Sweetwater Texas. Spencer Platt Getty Images

OPEC's output recovered in October from an eight-year low after a rapid rebound in Saudi Arabia's production from attacks on its oil infrastructure in September, offsetting losses in Ecuador and voluntary cuts under the pact. "The numbers are looking more refined and the picture is looking brighter".

"Alongside the continued rolling back of its nuclear commitments, the OPEC nation may be tempted to cause further supply disruptions in the Middle East in a bid to drive up prices", PVM analyst Stephen Brennock said.

But in the next five years, OPEC will supply a reduced amount of oil, squeezed by rising USA shale output and sources of other rivals, according to the oil producers' group in 2019 World Oil Outlook released on Tuesday.

In an effort to prop up oil prices, OPEC, Russia and other producers since January have reduced oil output by 1.2 million barrels per day. "It is not possible for us at the moment to pre-empt all processes of reviewing the market before the December meeting".

Oil rose for a third day, buoyed by signs of progress in the prolonged U.S.

Those steps, he said, include upcoming meetings of OPEC technical committees, such as its Economic Commission Board, and the next OPEC monthly oil market report, which looks at global demand and supply, due on November 14.

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OPEC suggests that oil and gas are still forecast to meet more than 50% of the world's energy needs by the end of the forecast period.

OPEC Secretary-General Mohammad Barkindo delivers his speech during the presentation of the World Oil Outlook in Vienna, Austria November 5, 2019.

OPEC expects oil demand to continue growing at "relatively healthy rates" over the next five years, predicting an increase of 6.1 million b/d when compared to the 2018 level.

This includes analysis of the industry's various linkages and its shifting dynamics, providing insights into energy and oil demand, oil supply and refining, the global economy, policy and technology developments, demographic trends, environmental issues and sustainable development.

"Signs of stress have appeared in the global economy, and the outlook for global growth, at least in the short- and medium-term, has been revised down repeatedly over the past year", OPEC said in its World Oil Outlook.

"Demand for OPEC liquids is projected to increase to around 44.4mbd in 2040, up from 36.6 mbd in 2018. This is close to 50 per cent of the total capacity additions required in the long-term to 2040", it added.

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