Commodity Trade Mantra

Posts Tagged ‘OPEC Supplies’

Commodities Plunge To New 16 Year Low; Oil Slides On Venezuela Warning

The Bloomberg Commodity Index is set for its worst year since the financial crisis, plunging 23 percent. It’s not just the metals though: crude oil also started the session off on the wrong foot, following this weekend’s comments from Venezuela that oil prices may drop to as low as the mid-$20s a barrel unless OPEC takes action to stabilize the market.

OPEC Lowers Global Oil Demand Growth Expectations In 2016

OPEC provides this first serving, as they have released the third and final installment of key monthly oil reports after last week’s releases from the EIA and IEA. The cartel has upped its expectation for oil demand growth this year by 84,000 barrels per day to 1.46 mn bpd, but revised its forecast lower for next year by 50,000 bpd to 1.29 mn bpd.

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