Saudi Arabia and OPEC appear to be on a new mission lately:to fool oil markets. On the one side they are talking the market up by promising output cuts that would boost oil prices. An optimistic Saudi oil minister sees oil reaching $60 by the year's end. On the other side, recent oil data shows that OPEC members have been boosting output — the cartel produced a record of 33.64 million barrels of oil in September, according to the International Energy Agency (IEA). Most notably this data comes out at a time when demand is weak, as evidenced by IEA’s October report, which sees oil demand of 1.3 mb/d in October, down from 1.3 mb/d in September, and 1.4mb/d in August.
from Forbes - Leadership http://ift.tt/2dSIueK
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