BP say OPEC needs to extend output cuts beyond Q1 2018 to achieve rebalancing

Oil giant BP out with latest report 25 Sept

  • oil market currently rebalancing on the back of strong global economy
  • expects global oil demand growth of 1.7-1.8mln bpd in 2017
  • oil price over $60 per barrel unsustainable over 2018

WTI currently $50.60 in gentle retreat from $50.70 in Asia but immediate demand/support lurking around $50.40-50

                                                        WTI 15m

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