• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 9 hours Rioting and Protesting
  • 15 hours Trump waves a Bible
  • 2 hours George Floyd’s History
  • 2 hours The Downside of Political Correctness
  • 2 hours Coronavirus hype biggest political hoax in history
  • 4 hours US and Australia Sign SPR Lease Agreement
  • 18 hours Healing, Not Hatred
  • 7 hours Let's try to link the recent events back to the situation with oil production and pricing
  • 7 hours China To Boost Oil & Gas Exploration, As EU Prepares To Commit Suicide
  • 18 hours Let’s Try This....
  • 4 hours China’s Oil Thirst Draws an Armada of Tankers
  • 1 day Anti-Lynching Bill
  • 15 hours Trumps Oil Industry....
  • 19 hours Chicago Threatens To Condemn - Possibly Demolish - Churches Defying Lockdown
  • 1 day China to Impose Dictatorship on Hong Kong

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