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YGRN - OPEC Monthly Oil Market Report November 2020
Bank of Montreal ZC SP ETN REDEEM 25/03/2039 USD 50 - Ser E YGRN
World total liquids output was 92,530 kb/d in November an increase of 1620 kb/d.
OPEC expects demand for OPEC crude to be 26 Mb/d for 2021Q1, if they are able to maintain an output level of 25 Mb/d for the quarter and their demand estimate is correct, then petroleum stocks will be reduced by about 90 Mb.
If November and December stock draws are about 30 Mb each month, then OECD stock levels fall almost to the 5-year average (roughly 50 Mb above) at the end of 2020Q1.