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Title : Reality Sucks -- May 14, 2017
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Reality Sucks -- May 14, 2017

OPEC (wink, wink) is going to have to much more than simply extend its current production deal -- its own figures show it needs to double the cut (wink, wink) it made in January. I don't think there's anything new in this Bloomberg story. We've been talking about it for weeks. In fact, even doubling the cut for the last half of 2017 won't make any difference in the big scheme of things, mostly because:

• gasoline demand in the US has been dropping
• the cuts were minimal to begin with
• Saudi was caught in a shell game (replacing production cuts with simply drawing from overflowing inventories -- which still exist)
• at least three countries are exempt: Libya, Iran, and Indonesia
• the Permian is about to meet its stride (in 2018)
• the DAPL is flowing

Other recent posts:

• reality sucks, May 11, 2017 
• pricing won't significantly affect US production, May 11, 2017 
• caught in a shell game, May 5, 2017
• disingenuous, May 3, 2017
• holy nightmare, Batman, what do we do now? May 1, 2017
• the oil glut is moving to the right, April 30, 2017

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