Title : The More Things Change, The More They Stay The Same -- June 2, 2017
link : The More Things Change, The More They Stay The Same -- June 2, 2017
The More Things Change, The More They Stay The Same -- June 2, 2017
Back on January 28, 2016, The Financial Times said OPEC was irrelevant. It seems things haven't changed, although now The Financial Times says the shale surge could make OPEC obsolete. Seems like that train has already left the station. But from today's linked article:Ramped up US shale oil production could erase any gains in the oil price achieved by a landmark deal between Russia and Opec to cut production, the chief executive of Russian oil giant Rosneft said on Friday.
The US could add up to 1.5m barrels per day to global oil production next year, nullifying the impacts from the deal, which was extended by nine months in May, according to Igor Sechin.
The supply cut deal between global producers attempts to curb bloated stockpiles that have kept prices under pressure. Brent crude is languishing below $50 a barrel – half the level of its 2014 peak. Speaking at a conference in St Petersburg, Mr Sechin also cast doubt on the prospects for a large increase in electric car usage.I talked about this just a few minutes ago.
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