OPEC Prepares To Extend Oil Production Cuts

Wochit Headline News - Friday, 19 May 2017  (1 week ago)
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

Advertisement
Opec is hoping to extend existing oil production cuts, in order to push prices higher.
4 days ago • BBC News
OPEC is widely expected to extend oil production cuts, but major shifts already underway could reduce the impact of whatever tactics the bloc adopts.
3 days ago • NYTimes.com
The addition of another couple of smaller producers to the OPEC-non-OPEC oil production cut deal will be enough to bring global supply to a more acceptable...
6 days ago • OilPrice.com
Opec today extended its production cuts for another nine months in an effort to bring the oil market back into balance. Keeping in place the 1.2 million barrels...
3 days ago • City A.M.
Advertisement
β€œTexas shale producers forced OPEC this morning to extend its oil production cuts for 9 months,” Texas Railroad Commissioner Ryan Sitton saidΒ on Twitter on...
3 days ago • OilPrice.com
Those new to financial markets, and energy trading in particular, were probably somewhat puzzled by the price action in oil futures this week following the...
1 day ago • OilPrice.com

You might like