OPEC Prepares To Extend Oil Production Cuts

Advertisement

Wochit Headline News - May 19, 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

Russiaโ€™s economy may come to feel a negative impact from the OPEC-led oil production cut deal, the central bank warned, adding that it expected GDP growth...
3 days ago • OilPrice.com

OPEC and Russia, along with other countries participating in the oil production cuts aimed at balancing the market, are looking to create a โ€œsuper group of oil...
3 days ago • OilPrice.com

OPEC and the non-OPEC producersโ€™ part of the production cuts deal will have a plan for long-term cooperation drafted by the end of 2018, as they seek to...
4 days ago • OilPrice.com

SINGAPORE (Reuters) - Just over a year into production cuts lead by OPEC and Russia, oil markets in Asia have tightened noticeably as significant amounts of...
4 days ago • Reuters

OPEC is encouraging all its members to build buffers of oil production capacity in order to be able to counter this year a surge in oil prices led by a weaker...
4 days ago • OilPrice.com

The global oil market could slip into deeper oversupply on the back of non-OPEC production growth led by the United States, the International Energy Agency said...
6 days ago • OilPrice.com

Russian Minister Alexander Novak does not plan to change his 2018 barrel price outlook currently at the $50 to $60 level, according to a new report by TASS. "My...
5 days ago • OilPrice.com

OPECโ€™s total crude oil production averaged 32.30 million bpd in January, down by 8,100 bpd from December, as rising production in Iraq, Saudi Arabia, and Libya...
1 week ago • OilPrice.com

You might like