• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 hours How Far Have We Really Gotten With Alternative Energy
  • 7 hours Bad news for e-cars keeps coming
  • 12 days What fool thought this was a good idea...
  • 10 days A question...
  • 8 hours The U.S. Is Determined to Revolutionize Its Microchip Industry
  • 15 days Why does this keep coming up? (The Renewable Energy Land Rush Could Threaten Food Security)
  • 15 days They pay YOU to TAKE Natural Gas
Editorial Dept

Editorial Dept

More Info

Is The OPEC Deal Finally Done?

Rig

Friday May 25, 2018

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

(Click to enlarge)

(Click to enlarge)

Key Takeaways

- U.S. oil production rose to another record at 10.725 million barrels per day, but the weekly increase was only a marginal 2,000 bpd. In fact, the past two weeks showed only tepid production increases, perhaps a sign that pipeline constraints in the Permian are starting to constrain output growth.

- Crude and gasoline stocks jumped by more than expected, a bearish result that pushed down prices this week.

1. OPEC considers relaxing production limits

(Click to enlarge)

- OPEC, Russia and the other participants of the production cuts are reportedly discussing some plan to add oil back into the market, with a decision possible in Vienna in a few weeks.
- High oil prices and the catastrophic losses from Venezuela have forced OPEC’s hand.
- Details still need to be worked out but there are two options.
- Option one would be to bring output back up to the production ceiling for each individual member. Saudi Arabia would be the only country making voluntary cuts deeper than it needs to. This option would add around 100,000 bpd back to the market.
- The more aggressive…




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News