IEA points toward oil supply crunch by 2020-2022 if investment doesn’t pick up
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Now the big question for oil shares: When does the world hit peak oil demand?
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...Notes You Need for February 20: New York markets closed, Le Pen, oil futures
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Oil futures pointing to short-term retreat in oil prices
At the start of February, Bloomberg reports today, traders were long a net 865 million barrels of oil across the futures for West Texas Intermediate and Brent crude That was a record long position and a 78% increase since OPEC and 11 other producers had pledged at the end of November to cut their production beginning in January 2017.
Priced in: Oil falls as OPEC compliance seen as already in market
This morning OPEC reported that in January members had delivered 93% of the production cuts they had promised last year. Last week, however, the International Energy Agency had forecast 90% compliance. So with nothing new in this morning’s news, oil prices have retreated on fears that U.S. production from oil shale geologies is on the rise.
OPEC agrees on how to monitor production, but Saudis say compliance has been so strong that production cuts might not be needed after May
On Sunday January 22 OPEC and non-OPEC producers including Russia announced what looks like a credible mechanism for monitoring the production cuts that these nations agreed in December. And Saudi Arabia’s oil minister said that with better than expected compliance so far, there might not be any need to extend the production cuts beyond their May expiration. That would leave about two-thirds of the current supply glut in place.
Notes You Need for January 19: OPEC, unemployment, China GDP, oil and natural gas inventories, PFE, strong dollar and earnings, Brexit job losses
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To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...It’s early but so far so good on OPEC production cuts
Today Kuwait and Oman announced that they have cut their production to meet the terms of the agreement. Kuwait has reduced production by 130.000 barrels a day to 2.75 million. Oman has cut 45,000 barrels a day from its prior production of 1.01 million barrels a day. That’s two OPEC producers down and 22 to go.
Surprise! U.S. oil inventories grow when they were expected to show a decline.
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