Overnight, crude futures plunged to fresh seven-year lows after OPEC reported on Thursday that it pumped oil at its highest level in more than three years in November, exacerbating longstanding concerns related to the excessive supply glut on global energy markets.
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On Wednesday Energy Information Administration (EIA) reported a drop of 3.6 million barrels last week cited by the EIA. West Texas Intermediate, the US benchmark price for crude oil, was down about 0.8 percent in NY to start trading at $36.46 per barrel.
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Despite an expected fall in US production next year, BMI Research said on Thursday that global output was forecast to rise by 500,000 barrels per day in 2016.
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“World oil markets will remain oversupplied at least until late 2016…although the pace of global stock builds should roughly halve next year”, the IEA said in a monthly report.
The Organisation of Petroleum Exporting Countries (Opec) pumped more oil in November, the highest level since 2012, primarily on the back of record production from Iraq.
Brent for January settlement slid as much as 35 cents, or 0.9 per cent, to US$39.38 a barrel on the London-based ICE Futures Europe exchange.
Banks such as Goldman Sachs have said oil prices could fall to as low as $20 per barrel as the world might run out of capacity to store unwanted oil. Non-OPEC supply totaled 58.5 million barrels a day in November, but annual growth has slowed from 2.2 million barrels a day at the beginning of 2015 to less than 300,000 barrels a day.
Opec’s demand this year is around 29.4 million bpd, lower than its current output.
Oil futures are down more than 11% since OPEC failed to agree on output targets last week.
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With slightly stronger growth in the United States and lower-than-expected growth in Japan in third quarter of 2015, the OECD growth forecast remains at two percent for 2015 and 2.1 percent for 2016. In 2016 the demand will increase by 1.25 million bpd up to 94.13 million barrels. This marks the tenth consecutive week of increase in crude supplies.
