Benchmark Brent and WTI oil futures eased in September and early October following plans for Syria to dispose of its chemical weapons and direct talks between Iran and the US at the UN General Assembly. The US government shutdown added downward pressure on prices. Brent was last trading at $110/bbl and WTI at $101.25/bbl. Global oil supplies declined by 625 kb/d to 91.12 mb/d in September on steeply lower OPEC output. Non-OPEC supply growth for 2013 is forecast to average 1.1 mb/d, to 54.7 mb/d, rising to a near-record 1.7 mb/d next year. OPEC crude supplies slipped below 30 mb/d for the first time in almost two years, led by steep drops in Libya and Iraq. Output fell by 645 kb/d to 29.99 mb/d despite Saudi output topping 10 mb/d for a third month running. The ‘call on OPEC crude and stock change’ was raised by 100 kb/d to 29.6 mb/d for 4Q13. Recent […]