A short-ish blog today as company news is a bit scarce, there is news around that affects the oil price though. Mixed thoughts from the IEA yesterday in its monthly, whilst they report the strongest demand growth in almost a decade they say that ‘markets will remain oversupplied next year as demand reduces to 1.2m b/d’. Higher Opec supply will partially offset the fall in non-Opec crude leading to a ‘marked slowdown’ in the overall supply/demand in the market.

Elsewhere Venezuela announce that 8 non-Opec countries have been invited to the ‘technical’ meeting in Vienna where policies will be addressed. Also worth a look is the situation in the debt market in the US where the twice annual negotiations are taking place. I mention this as it is a theme of mine and yesterday Emerald Oil had its credit reduced by 40% to $120m making them $20m overdrawn. Bankers, probably not for the first time are getting tough and have said with admirable frankness that they ‘want to move on from the company as a client’, more to come on this front one feels.

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