OPEC sec gen on the wires with a word of caution
- OPEC and non-OPEC should work together to tackle market surplus
- sees 2016 oil demand growth of 1.3m bpd
- sees "some light at the end of the tunnel"
Meanwhile IEA head Birol says 2015 oil upstream investment drop is highest in history
- OPEC sec gen says $650bln cut in upstream investment
- means less supply in very near future and high prices
- we are in extreme of low oil price, I hope it will not last
Oil market indeed upstream without a paddle . Oil prices making small gains off their lows on the news but nothing of note.
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