• 5 minutes Mike Shellman's musings on "Cartoon of the Week"
  • 11 minutes Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 16 hours The Discount Airline Model Is Coming for Europe’s Railways
  • 4 hours Pakistan: "Heart" Of Terrorism and Global Threat
  • 1 day Newspaper Editorials Across U.S. Rebuke Trump For Attacks On Press
  • 8 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 5 mins Renewable Energy Could "Effectively Be Free" by 2030
  • 9 hours Venezuela set to raise gasoline prices to international levels.
  • 1 day Batteries Could Be a Small Dotcom-Style Bubble
  • 21 hours Saudi Fund Wants to Take Tesla Private?
  • 20 mins Starvation, horror in Venezuela
  • 2 hours Are Trump's steel tariffs working? Seems they are!
  • 2 days France Will Close All Coal Fired Power Stations By 2021
  • 1 day Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 14 hours Corporations Are Buying More Renewables Than Ever
Alt Text

Oil Prices Jump As Saudis Cap Oil Supply

Oil prices rose on Tuesday…

Alt Text

Saudi Arabia And Iran Reignite The Oil Price War

As U.S. sanctions on Tehran…

Alt Text

Oil Prices Hit 7-Week Low As Trade War Heats Up

Oil prices traded close to…

Editorial Dept

Editorial Dept

More Info

Trending Discussions

The OPEC Elixir Wasn’t Potent Enough

OPEC

Friday May 26, 2016

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.

1. Oil market unimpressed with OPEC extension

(Click to enlarge)

- OPEC extended their cuts for another nine months, and put on a display of unity both amongst each other and with non-OPEC countries like Russia.

- However, because OPEC has routinely tried to talk up oil prices with hints of aggressive action, the deal was somewhat disappointing for the markets. Prices sold off on Thursday as there appeared to be nothing more than an extension.

- Rumors surfaced that the group was discussing a 12-month extension, or deeper supply cuts. But with just a nine-month extension, oil traders were left deflated.

- "The market seems to be a bit disappointed as there is no ‘something extra’ the markets waited for,” Jan Edelmann, a commodity analyst at HSH Nordbank AG, told Bloomberg. “It seems as though OPEC fears letting the stock-draw run too hot.”

2. Iraq posts unimpressive compliance

(Click to enlarge)

- Getting Iraq on board with the initial OPEC agreement was key, and securing their commitment for a nine-month extension was also one of the biggest hurdles.

- But Iraq’s…

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