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Category Archives: World oil market chronology

The 5 Possible Outcomes Of The OPEC Meeting

Authored by Nick Cunningham via OilPrice.com, The highly-anticipated OPEC meeting is taking place this week, but unlike the last few meetings, the hype and excitement is much less palpable. That is largely because the end result is thought to be a foregone conclusion. Last week, Saudi Arabia and Russia telegraphed the events of the May […]

The Four Charts That Prompted An Oil Analyst To Declare The OPEC Deal A Failure

Two months we first suggested that OPEC may be fabricating data about its production cuts – and certainly overstating the “success” of its Vienna production cut deal – by looking at the rising Chinese oil imports, and by extension, rising oil deliveries by OPEC nations. As JPMorgan wrote back in February, while IEA estimated the […]

Oil Market Still Not Balanced After OPEC Production Cuts

By EconMatters We discuss the EIA Oil Report data in this video, and it appears that we are going to set another all-time record high for Oil held in storage again this year. In fact at the current pace we are going to blow through that previous record of 510 Million Barrels of Oil stored […]

Oil Slumps As Nigeria Production Jumps, Kuwait Hints At OPEC Deal “Non-Compliance”, SPR Sale

Having already traded heavy much of the Monday despite pressure on the dollar index which is trading near session lows, oil took out session lows moments ago on what appear to be three most recent catalysts. First, Kuwait’s oil minister shook some of the market’s conviction that the Vienna OPEC oil production cut is being […]

Iran Sold Over 13 Million Barrels Of Oil Held On Tankers In Post-Deal Price Jump

Remember when back in April we showed a strange map of the Iranian oil tanker armada, which according to Windward data was storing as much as 50 million barrels offshore, yet which was just sitting on anchor going nowhere?   As a reminder, Iran has lacked sufficient land storage facilities to store its oil and, […]

Crude Is Crashing

As the Dollar Index surged post-manufacturing data, WTI Crude began to lose altitude from its overnight ramp. Combined with ongoing concerns over Libya’s production ramp, crude just crashed from over 55.00 to under 53.00 in minutes on heavy volume… It seems the catalyst was the USD index breaking recent highs… But now both Oil and […]

WTI Tumbles To $51 Handle After OPEC Warns Glut May Continue Longer Than Expected

On the heels of last night’s big crude build, OPEC’s overnight report stating that supply cuts won’t re-balance the market until the second half of 2017 has sparked further losses in oil prices, almost erasing the entire OPEC/NOPEC/Saudi cut ramp. As Bloomberg reports, OPEC said its agreement to cut production, while speeding up the re-balancing […]

Non-OPEC Nations Agree To Cut Oil Production But Many Questions Remain

Non-OPEC oil-producing nations struck a deal in Vienna on Saturday to cut crude output by 600,000 barrels a day, joining a pact meant to reduce a global oversupply of crude, lift prices and lend support to economies hurt by a two-year market slump. The pact, the first between the two sides in 15 years, comes […]

How Russia Outsmarted OPEC

Submitted by Irina Slav via OilPrice.com, OPEC’s historical deal to cut production has been sealed, and oil prices have jumped as a result, comfortably above the $50 per barrel mark. According to Lukoil’s vice president, Leonid Fedun, the average price of crude in 2017 could reach US$60 a barrel, thanks in no small part to […]

OPEC Oil Production Hits New All Time High As Brent Surges To 16 Month High

The greatest trick OPEC ever pulled was convincing the world to buy oil even as production kept rising to new all time highs. Case in point, just out from Reuters: OPEC NOVEMBER OIL OUTPUT RISES 370,000 BPD MONTH/MONTH TO 34.19 MILLION BPD, HIGHEST IN RECENT HISTORY – REUTERS SURVEY SAUDI SUPPLY EDGES DOWN ON REFINERY […]