• 3 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 19 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 56 mins WTI @ $75.75, headed for $64 - 67
  • 57 mins EU to Splash Billions on Battery Factories
  • 3 hours US top CEO's are spending their own money on the midterm elections
  • 22 mins The Dirt on Clean Electric Cars
  • 11 hours Petrol versus EV
  • 5 hours OPEC Is Struggling To Deliver On Increased Output Pledge
  • 11 mins Satellite Moons to Replace Streetlamps?!
  • 3 hours The Balkans Are Coming Apart at the Seams Again
  • 8 hours 10 Incredible Facts about U.S. LNG
  • 53 mins Uber IPO Proposals Value Company at $120 Billion
  • 16 hours E-mopeds
  • 3 hours A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 7 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 1 day These are the world’s most competitive economies: US No. 1
Alt Text

Why Crypto Miners Are Paying Attention To The Permian

The Permian is literally burning…

Alt Text

Canadian Oil Patch Grapples With Cannabis Legalization

Canada has officially legalized recreational…

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

What To Do As Oil Prices Plunge?

Rig

Everyone is scrambling for a new plan now --- now that oil is in its third mini-bust since the major bust cycle that began in 2014.

(Click to enlarge)

Since the lows in early 2106, oil has made three retreats; in July/August of 2016, in November of 2016 and right now, in June of 2017. But this retreat is different, in that it comes after the extension of OPEC production cuts that are scheduled to last until mid-2018. Those cuts have not helped oil to maintain prices above $50, they have in fact heralded this latest drop.

And that’s bad news for everyone – OPEC, U.S. producers and for us as oil investors.

Previous plans based on an inevitable rally in prices have been made by all three of these groups, and all of them now have to revisit how they’re going to go forward from here.

OPEC has staked much in their ability to still control oil prices using these production cuts. Now that their efforts haven’t helped to support prices, they’re likely going to have to consider a new strategy. Will they extend cuts further? Will they try to get even deeper production quota cuts from members? Or, will they abandon the effort to limit production and return to the ‘free-for-all’ battle for market share that they used in through 2015 and into late 2016? That effort mostly failed to bankrupt US producers and trim US production, which has rebounded to its highest levels today, above 9.2m barrels a day.

What…

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