OPEC Increase Fails to Quell Price Surge

The fourth quarter looks set to test OPEC and refiners to the limit. OPEC supplies about 40 percent of world demand that is expected to hit 86.4 million bpd in the fourth quarter from a seasonal low of 82.5 million in the second quarter.

“What’s scary is that we’re just moving out of the lowest period of demand for the year and OPEC at full stretch was unable to keep prices down,” said Gary Ross of U.S. consultancy PIRA Energy.

“World demand in the second half will average 3 million barrels a day more than in the second quarter.”
Reuters