OPEC Warns of Tighter Winter Oil Market

The Organisation of the Petroleum Exporting Countries on Wednesday warned of a tighter oil market this winter as crude production in the leading industrial countries, responsible for a quarter of global production, was expected to experience its largest ever decline.

The lower non-Opec production would force the oil cartel to pump more than previously expected to balance the market. That would erode its spare capacity, which could support high prices, analysts said.
Financial Times