Friday, June 2, 2017

Worth Re-Posting -- Global Crude Oil Supplies Increased First Three Months Of 2017 -- June 2, 2017

A gazillion stories on the oil sector will be reported this month (as every month). It's hard to sort out the most important story or data point among all those stories. It's hard to think there's a bigger or more important data point than this one from the IEA: global crude oil inventories actually increased during the first three months of 2017.

The second most important data point, or possibly even more important: it is expected that US shale will more than make up for an OPEC / non-OPEC cut through March, 2018. From that same link:
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 story that could be bigger before the end of 2017: the OPEC / non-OPEC pact begins to show signs of cracking.

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