OPEC Prepares To Extend Oil Production Cuts

Wochit Headline News - Friday, 19 May 2017
As OPEC nears the end of their first production cut in eight years, six months have not been enough to cut storage glut caused by years of oversupply. According to global inventory estimates of crude oil, storage tanks are filling back up after oil traders began to empty millions of barrels onto the market in January. But by March, an International Energy Agency report shows that inventories across industrialized nations remained above a five-year average. That inventory build-up has been caused by speculation, as traders began using storage to make quick money between cheat spot-prices for oil and more expensive contracts for future deliveries.

Recent related news

The Organisation of the Petroleum Exporting Countries (Opec) and non-Opec nations will meet tomorrow to discuss a potential extension of the cartel's deal to...
2 days ago • City A.M.
VIENNA (Reuters) - Kuwaiti Oil Minister Essam al-Marzouq said on Thursday that compliance with OPEC-led oil output cuts was "very good" and above 100 percent.
2 days ago • Sify
Iraq doesn’t see a need for more collaborative oil production cuts currently, but it would support consensus within OPEC if such need arises, Iraqi Oil...
3 days ago • OilPrice.com
November West Texas Intermediate crude oil futures traded mostly sideways this week as investors shrugged off production and inventories numbers in anticipation...
15 hours ago • OilPrice.com
Buoyed by strong global oil demand growth and reduced OPEC supply, U.S. benchmark WTI jumped above the psychologically important US$50 threshold on Thursday,...
1 week ago • OilPrice.com
The latest chapter of the “what will OPEC do next” saga unfolded on Thursday as reports emerged that the cartel and the non-OPEC producers led by Russia may...
2 days ago • OilPrice.com

You might like