Research Team at BBH, notes that the price of oil has fallen about 8% this week, its worst week since March.
“OPEC's decision last week not to provide a new quota coupled with news yesterday that OPEC output rose in the lead-up to that meeting have pushed prices lower. The 230k barrel per day increase in OPEC output to 31.695 mln barrels is about 900k more than its projected 2016 demand.”
“It also marks a three-year high. And this does not appear to be the peak in output. Iranian production appears to account for most of the increase, which more than offset a slight decline in Saudi Arabian output, according to OPEC data.”
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