EFTA Document EFTA01458988

8 December 2015 World Outlook 2016: Managing with less liquidity Commodities: Supply adjustment is well underway for oil. not so for the metals By next year, we expect that OPEC will have engineered one of the sharpest historical declines in US production. A modelled contraction of at least 650 kb/d would be comparable with the 600 kb/d fall in 1989 which occurred in the context of an extended supply slowdown beginning after prices fell in 1986. • Our modelling indicates that while the