Latest OPEC monthly report
- Saudi's pump 10.276mbpd in Oct, +50k vs Sep
- OPEC 2016 world oil demand forecast unchanged at 1.25mbpd
- 2016 OPEC crude demand unchanged at 30.82mbpd
- Report implies 2016 oil surplus will narrow to 560k bpd vs 750k in Sep
- 2016 non-OPEC supply will fall 130k bpd (unch vs Sep)
- Says expected non-OPEC oil supply drop will be first since 2007 and will leave a gaping supply hole in the market
- Secondary sources say OPEC output fell 256k bpd to 31.38m bpd in Oct
Not much going on in Brent after the data
We did break below the 43.50 level, and then 43.00. 42.55/60 is the next support to watch
Brent crude 15m chart
