The oil market is rebalancing but OPEC cannot “afford to letup” on its production cuts in the face of rising non-OPEC supplies next year, trading house Gunvor’s CEO Torbjorn Tornqvist told Reuters. “OPEC in our view cannot afford to let up, because more oil is coming and the question is, ‘is the demand increase big enough to absorb that?’” Tornqvist told the Reuters Global Commodities Summit taking place this week. He said that 2017 is different compared to 2016 in terms of market rebalancing with oil product stocks falling and crude in floating storage clearing up with the current market structure. “We don’t see this market being out of balance one way or another,” he said. But he said that overall crude oil stocks […]