EFTA Document EFTA01458989

8 December 2015 World Outlook 2016: Managing with less liquidity This is a time when markets are normally undersupplied and global inventories typically draw down, however, so a 'balanced' second half may still be regarded as bearish. Last year, OECD inventories rose over the second half. defying the typical profile, and they are on pace to do the same this year. While we believe any excursion of prices below the 2015 low would be short- lived, some uncertainty arises from the fact that pr