AKA OPEC producing flat out to mitigate concerns?
The U.S. Department of Energy said yesterday crude oil supplies gained 4.8 million barrels to 339.9 million in the week ended March 10. That was almost twice as much as the median forecast of 15 analysts surveyed by Bloomberg News. Crude stockpile were at their highest since May 1999 and 14 percent above the five-year average…
The Organization of Petroleum Exporting Countries expects oil prices to trade for $50 to $60 a barrel in “the coming years,” Interfax reported today, citing Adnan Shihab-Eldin, the head of the cartel’s research department, who spoke in Moscow.
Officials from OPEC, supplier of 40 percent of the world’s oil, may meet before June to review prices of the U.S. benchmark oil, if it falls below the upper $50s or jumps to the upper $60s, OPEC President Edmund Daukoru said March 14.
The 11-member organization agreed on March 8 to maintain oil output near a two-decade high amid concern that ongoing violence in Nigeria and Iran’s nuclear standoff with the United Nations could disrupt supply.
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