BMI Oil Market Update November 2010-Supply

摘要

OPEC's relaxed attitude towards the oil market is likely to persist for the rest of 2010 and into 2011, with no mention made in its latest statement of efforts to improve quota discipline, despite compliance being only around 55%. If concerns over demand start mounting in 2011, however, we expect to see the organisation push its members to bring output closer in line with their production ceilings. Such a move would boost market confdence and could help bring down surplus inventories, which would have a positive impact on prices.