The members of OPEC (Organization of the Petroleum Exporting Countries) continue to insist that their efforts to reduce global supplies of crude are progressing as expected. This was being done in an attempt to provide support for a higher price structure. Analysts in the industry are reporting a near 90% compliance, to the recent output cut. Although their claims of dwindling global oil supplies remain a bit exaggerated. The cartel was assisted by the fact that discoveries of gas and oil fields were […]
OPEC
Glut In Global Crude Oil Supplies Likely To Continue
Many analysts and investors are insisting that the glut in global crude oil supplies is coming to an end. Throughout the second half of 2016, speculators drove up prices in anticipation of a production cut promised by OPEC (Organization of the Petroleum Exporting Countries). The oil cartel’s members pumped 33.87 million barrels a day in November, an increase of 150,000 from the previous month. This was despite their promise to slow output. The amount of oil in storage alone is now near […]
OPEC Tries To Regain Control Of Global Oil Market
Throughout the summer and early autumn, there has been an endless round of announcements concerning production cuts and output freezes in crude oil. These were done in an attempt to reverse the sliding price of oil in global markets. The once all powerful oil cartel OPEC (Organization of the Petroleum Exporting Countries) was experiencing major difficulties, in trying to place a floor under world prices for crude. Yet, as the 14 members of OPEC met in various locations and agreed in principle […]