• 4 minutes Permian in for Prosperous and Bright Future
  • 7 minutes Amount of Oil Usage in the United States
  • 10 minutes America Could Go Fully Electric Right Now
  • 28 mins Something wicked this way comes
  • 40 mins Why NG falling n crude up?
  • 6 hours US after 4 more years of Trump?
  • 1 day Famine, Economic Collapse of China on the Horizon?
  • 2 days Oil giants partner with environmental group to track Permian Basin's methane emissions
  • 2 days .
  • 23 hours Top HHS official takes leave of absence after Facebook rant about CDC conspiracies
  • 1 day Nord Stream 2 Halt Possible Over Navalny Poisoning
  • 3 days The Perfect Solution To Remove Conflict Problems In The South China East Asia Sea
  • 1 day .

The OPEC Elixir Wasn’t Potent Enough

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…




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