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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (24641)	1/17/2017 2:52:57 PM
From: Goose94	Read Replies (1) \| Respond to of 203382

Crude Oil: OPEC deal to end? The production cuts only just started but Saudi Arabia believes they will be able to declare “Mission Accomplished” in June after the terms of the six-month deal expire. Saudi energy minister Khalid al-Falih said that the oil market will already reach a balance by that point, with inventories drawn down to reasonable levels. As such, he sees little chance of an extension of the deal that will see 1.2 million barrels per day (mb/d) plus 0.6 mb/d from non-OPEC countries taken off the market. But it is an open question whether or not inventories will merely resume their upward trajectory if OPEC members go back to producing full-tilt – some analysts think that the supply surplus would return if OPEC opens the taps again. 1 billion barrels obstacle to balance. The CEO of Dana Gas says that a massive pile of global oil inventories will prevent oil prices from rebounding. “We still have a significant global storage of oil, close to a billion barrels, and we’ll need to work that storage away before we can really say that we are in a firm supply/demand balance,” Dana Gas CEO Patrick Allman-Ward said Tuesday in a Bloomberg TV interview from Davos at the World Economic Forum. He also warned of “latent capacity” in Libya and Nigeria, which could present volatility to the market.