OPEC, for some quiet moments..

[Putncalls]

As benchmark oil prices tumbled to new 11-year lows on Monday, a new report painted a grim picture of the outlook for energy prices next year and 2017. Scotiabank Economics said that while other commodities are set to rebound in 2016, West Texas Intermediate oil prices would average “no more than US$40-45 per barrel for 2016 and US$45-50 for 2017.”

Oil to stay below $50 for two years, while other commodities rebound, Scotiabank says | Financial Post

US banks face the prospect of tougher stress tests next year because of their exposure to oil in a sign of how the falling price of crude is transforming the outlook not just for energy companies but the financial sector. The Organisation of the Petroleum Exporting Countries on Wednesday lowered its long-term estimates for oil demand and said the price of crude would not return to the level it reached last year, at $100 a barrel, until 2040 at the earliest.

US banks hit by cheap oil as Opec warns of long-term low

Dennis Coyne, an editor and frequent contributor to this site, has suggested that we are not at peak oil. He argues that there is likely to be a dip in production starting next year but higher prices will cause things to turn around and we will surpass the 2015 peak by 2019. He commented a few days ago: If we take some of the larger producers that have been increasing output and compare with the rest of the world (ROW) using EIA data from Jan 2004 to June 2015 (using the trailing 12 month average to focus on the trend) we see ROW decline has been relatively modest (1.4 percent based on the trailing 12 month output in June 2015). The eight increasing producing countries I have chosen are Brazil, Canada, China, Iran, Iraq, Russia, Saudi Arabia, and US and ROW=World minus the 8 countries just listed.

Peak Oil Production Is Still Years Away | OilPrice.com

As oil prices wallow near multi-year lows, it’s becoming increasingly clear that the new cartel controlling oil prices is not OPEC but world credit markets. From Saudi Arabia’s record $100 billion deficit to shale oil’s continuing reliance on cheap credit funding, it’s clear that no major oil producer or company in the world right now is economically self-sufficient based on oil revenues alone. This situation has left the flow of oil and the decision on when to stop pumping the increasingly tarnished black gold in the hands of banks rather than oil men.

The New Cartel Running The Oil Sector | OilPrice.com

I don't see how Scotiabank can predict oil prices when they are controlled by a 30 year old Suni monarch?