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Commodities Briefing - Categorized | Market Moves, Oil more

Opec’s biggest output cut since 2009 looms

Posted on 10 December 2012

Organisation of Petroleum Exporting Countries’ (Opec) likely decision to leave quotas unchanged next week belies the growing prospect of having to make the deepest oil-production cuts since 2009 as a global supply surge threatens to weaken prices.
The Opec may need to lower output by 1 million barrels a day, or 3 per cent, in the first half of next year, according to Societe Generale. Brent crude may drop 20 per cent by June if the group doesn’t reduce the amount it pumps, the Centre for Global Energy Studies said………………………………………..Full Article: Source

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