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Don’t Hold Your Breath For Deeper OPEC Cuts
Posted by BFP Staff on Jul 6, 2017 at 03:55 PM
OPEC's oil exports are not all that different from last year's figures
By Nick Cunningham of Oilprice.com
The rally in oil prices over the past two weeks came to a halt on Wednesday on news that OPEC is actually exporting more oil than previously thought.
A month ago, oil prices appeared to be higher than they should have been, with weak demand, elevated inventories, and a recognition that the nine-month OPEC extension would be inadequate to balance the market. Oil sold off and dropped to the mid-$40s and below. Oil traders then bought on the dip, and bid prices back up over the past two weeks. Now, prices again look like they could be reaching an upper limit.
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