• 4 minutes Why Trump will win the wall fight
  • 7 minutes Tension On The Edge: Pakistan Urges U.N. To Intervene Over Kashmir Tension With India
  • 12 minutes Maduro Asks OPEC For Help Against U.S. Sanctions
  • 16 minutes Washington Eyes Crackdown On OPEC
  • 6 hours Climate Change: A Summer of Storms and Smog Is Coming
  • 11 hours Oil imports by countries
  • 9 hours North Korea's Kim To Travel To Vietnam By Train, Summit At Government Guesthouse
  • 9 hours America’s Shale Boom Keeps Rolling Even as Wildcatters Save Cash
  • 16 hours Indian Oil Signs First Annual Deal For U.S. OilIndian Oil Signs First Annual Deal For U.S. Oil
  • 18 hours Ayn Rand Was Right
  • 15 hours NZ Oil, Gas Ban Could Cost $30 Bln
  • 11 hours AI Will Eliminate Call Center Jobs
  • 20 hours Sanctions or Support: Despite Sanctions, Iran's Oil Exports Rise In Early 2019
  • 17 hours Solar and Wind Will Not "Save" the Climate
  • 1 hour Amazon’s Exit Could Scare Off Tech Companies From New York
  • 5 hours US-backed coup in Venezuela not so smooth
Alt Text

The Biggest Threat To Oil Market Stability

The oil market should be…

Alt Text

Canada’s Most Crucial Pipeline Comes Under Fire

The Line 3 replacement, perhaps…

Alt Text

How Washington Could Spoil The OPEC+ Alliance

OPEC and Russia are looking…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

Oil Falls On Crude Inventory Build

Crude oil prices slipped further down today after the Energy Information Administration reported crude oil inventories for the week to November 23 had added 3.6 million barrels. That’s compared with a build of 4.9 million barrels a week earlier.

The EIA figures came after yesterday the American Petroleum Institute reported an estimated inventory increase of 3.453 million barrels, which failed to affect prices in any significant way.

EIA also said gasoline inventories last week had declined by 800,000 barrels and distillate fuel inventories had added 2.6 million barrels. A week earlier, the authority estimated a decline of 1.3 million barrels in gasoline and a 100,000-barrel decline in distillate fuel inventories.

Meanwhile, production is hitting new highs and this will continue, according to most estimates, unless oil prices continue declining at a fast pace. The likelihood of this happening is relatively low, however. OPEC is meeting next week in Vienna to discuss a new round of production cuts and most analysts expect the cuts to be agreed with Russia also joining in again.

However, Morgan Stanley, for one, sees a 33-percent chance of the cartel failing or refusing to agree a production cut, in which case prices will definitely slump more, pressured by bleak economic outlooks and concerns about a crude oil oversupply. The argument against a production cut is simple enough: market share. It’s no wonder some OPEC members have already spoken against a cut, notably Libya, which said it expected to be granted an exemption from any cuts.

Besides the OPEC meeting, oil market observers would be watching the G20 meeting, where Russia may or may not give a clear indication whether it will join any cut agreements. Just like last time, Moscow would be a crucial ally for the cartel if it decides to join the cuts or a deal-breaker if it decides to sit these out.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News