"In its annual world outlook released earlier yesterday OPEC predicted less demand for its oil through 2017.
OPEC said demand for its crude oil would fall to 28.2 million barrels a day by the end of 2017, as output from producers outside the cartel, such as the U.S. and Canada, Latin American countries, and Russia, continue to rise.
Demand for OPEC crude will pick up again in 2018, but a year later it will still be lower than demand for 2013, OPEC said".
This is not good news for opec members and may well see it's loose connections get even looser. That in turn is not good news for oil prices. a hell of a lot of capital is tied up in us oil companies and if this issue unwinds this could very well be the catalyst for a major shock in the US stockmarket.
I personally don't see the oil price drop as short term but rather medium to long term as opec clearly thinks it is to. Increased supply does not lend itself to higher prices IMO the Saudis will get more aggressive in undercutting
