U.S. Crude Oil Production Did Not Increase 170,000 B/D Last Week
Contrary to popular belief, although the Energy Information Administration (EIA) reported that U.S. crude inventories rose 170,000 b/d last week, that almost certainly did not happen. The EIA’s weekly...
View ArticleHere Comes U.S. Shale Oil, Saudi Arabia
In a press conference following OPEC's meeting with non-OPEC producers earlier in the month, Saudi Minister Khalid A. Al-Falih said he did not expect an American shale production response in 2017...
View ArticleOPEC Appeases Russia To Stick With Deals
The 173rd OPEC Meeting and 3rd non-OPEC Ministerial Meeting concluded with an agreement to extend the production cuts all the way through 2018. Saudi minister Khalid Al-Falih also implied that...
View ArticleWhat Inventory Level Should OPEC Target?
On November 30, 2016, OPEC’s press release announcing the supply target of 32.5 million barrels per day included the following reference to inventories: “The numbers underscore that the market...
View ArticleSaudi Arabia's "Mini Oil Embargo" May Backfire
On October 20, 1973, Saudi King Faisal announced KSA was joining in an oil embargo against the United States and Europe in favor of the Arab position in the Yom Kippur War. In an interview with...
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