OPEC sees higher call on OPEC in 2016

The decline in oil prices is doubtless due to profit-taking by speculative financial investors after prices proved unable yesterday to regain the multi-week and multi-month highs they had achieved on Friday. 

OPEC envisages a significantly higher call on OPEC next year. It looks set to be a good 500,000 barrels per day higher than previously anticipated and to increase to 30.8 million barrels per day. 

"The main reason for this is lower than expected non-OPEC production, which is set to decline by 130,000 barrels per day next year. OPEC's strategy of crowding suppliers with higher production costs out of the market appears to be working, in other words", says Commerzbank.