COLUMN-OPEC and traders in standoff over oil outlook: Kemp | Reuters:
OPEC and oil traders are now in fundamental disagreement about the market outlook and the standoff is fuelling a sharp rise in prices that could spell trouble for the global economy over the next 18 months.
The overall balance between supply and demand is “healthy” according to a statement from the Joint Ministerial Monitoring Committee of OPEC and non-OPEC producers last month.
The committee expressed its satisfaction regarding the current oil market outlook, according to a press statement released afterwards (“JMMC meets in Algiers to monitor developments in the oil market”, OPEC, Sept. 23).
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