• 6 minutes WTI @ 67.50, charts show $62.50 next
  • 14 minutes Saudi Fund Wants to Take Tesla Private?
  • 18 minutes California Solar Mandate Based on False Facts
  • 3 hours Starvation, horror in Venezuela
  • 3 hours Monsanto hit by $289 Million for cancerous weedkiller
  • 27 mins Anyone Worried About the Lira Dragging EVERYTHING Else Down?
  • 1 hour Oil prices---Tug of War: Sanctions vs. Trade War
  • 6 hours Why hydrogen economics is does not work
  • 2 hours Correlation does not equal causation, but they do tend to tango on occasion
  • 10 hours WTI @ 69.33 headed for $70s - $80s end of August
  • 9 hours WSJ *still* refuses to acknowledge U.S. Shale Oil industry's horrible economics and debts
  • 1 hour Russia retaliate: Our Response to U.S. Sanctions Will Be Precise And Painful
  • 15 hours What Turkey Sanctions Are Really About
  • 14 hours Saudi Production Cut or Demand Drop?
  • 12 hours Merkel, Putin to discuss Syria, Ukraine, Nord Stream 2
  • 8 hours Saudi Aramco IPO Seems Unlikely
Alt Text

U.S. Military Bases In Europe Depend On Russian Energy

U.S. lawmakers are calling upon…

Alt Text

India’s Largest Refiner Plans $25B Output Boost

India’s largest refiner, Indian Oil…

Alt Text

Is Nigeria’s Oil Industry On The Road To Recovery?

Throughout the spring and summer…

Dan Dicker

Dan Dicker

Dan Dicker is a 25 year veteran of the New York Mercantile Exchange where he traded crude oil, natural gas, unleaded gasoline and heating oil…

More Info

Trending Discussions

It’s Not Over For OPEC Just Yet

Nigeria

OPEC extended production cuts that were originally agreed in December 2016 for another 9 months, delivering both OPEC members and Russian discipline that will last well into the Spring of 2018.

And still the Saudis and OPEC continue to get no respect at all, like Rodney Dangerfield.

The oil markets, in fact, after a two-week boom in prices, used the actual date of the meeting to retreat from their highs, ending the day below $50 a barrel.

This could be a reaction to the very late speculative players trying to take advantage of a decision that was reached many weeks ago catching them as the last longs in a market already up from the mid-$40’s. But more than that, there is a deep disappointment from many market players, who were now expecting even more than a 9 month extension and perhaps even deeper cuts.

Goldman Sachs is apparently preparing already for a replay of oil gluts in late 2018.

Bloomberg’s oil geopoliticist, Leonid Barshinsky is quick to take OPEC to task for their mistake in changing course in December, shoring up production and starting the global rebalancing process.

Wow – a lot of negativism still overwhelming this oil market.

I, for one, have marveled at how the Saudis have managed to put and hold together their strategy for regaining control of global oil pricing. Five years ago, we’d be suspiciously betting on who would be first to cheat on quotas, not whether they would be cheated on. Now…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





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