Opec decided that its 30mn b/d production ceiling should be extended into a third year when it met in Vienna on 4 Decem-ber. Ministers gathered amid projections that rising supplies from non-Opec producers, especially in North America, will cut the call on Opec to below 30mn b/d next year, just as some of the organisation’s own members seek to restore lost output. Opec’s final statement after the meeting concedes that non-Opec supply growth is forecast to exceed demand growth in the year ahead. But ministers seem happy to assume, for now, that these forecasts may prove to be wrong.
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