referring to However, OPEC members face a familiar quandary: their cuts are helping U.S. and other competitors keep those storage tanks full.
OPEC and big producers like Russia agreed in December to reduce…
The brimming U.S. crude inventories that sent oil prices tumbling this week are expected to put pressure on the Organization of the Petroleum Exporting Countries and other producers to extend their historic agreement to cut output.
as declared in The head of the oil cartel answered in the affirmative when asked whether US shale oil producers would like to cooperate with OPEC.
Blaming shale oil for the glut and denying they ever took the oil price war strategy are very unskillful attempts to manipulate sentiment in the oil market.
Blaming Shale Oil for GlutBarkindo made a peace overture but ended up blaming American shale producers for the glut that has developed.
An extension would cause him to shift his views and bet that oil prices would keep rising, the sources said.”
ConclusionsDespite OPEC’s attempts to get U.S. shale oil producers to collude in a production cut, I do not think he will be successful due to its illegality.
U.S. Oil Inventories Stymie OPEC Production Cuts
as declared in (Source: Bloomberg)
Market Strategist Sees Gold at $1,180, Oil at $4512:59 – In today’s “Futures in Focus,” Bill Baruch chief market strategist at IITrader, and Bloomberg’s Mark Barton examine the gold market ahead of the Federal Reserve’s March meeting and looks at the price break below $50 in the oil market.
They speak on “Bloomberg Daybreak: Americas.”
This content may collect you by Owen Daniel