Iraq Could Complicate OPEC Extension

18 Mar 2017   Iraq

Oil prices are refusing to budge this Friday, despite a large increase in the U.S. rig count and some bearish noises from OPEC. (Click to enlarge) (Click to enlarge) Friday, March 17, 2017 Oil prices are set to close out the week unchanged from a week earlier, having moved up and down over the past few days. The latest report from the EIA was a merciful one for crude, showing a small but all-important drawdown in crude inventories. Had crude stocks jumped again last week, oil prices surely would have dropped significantly. Still, there is a weak case for much higher oil prices in the near-term, given that U.S. inventories are still at a record high and oil production is rising. Saudi Arabia prepared to extend cuts if inventories remain high . Saudi Arabia’s energy minister Khalid al-Falih said in a Bloomberg interview that OPEC would be prepared to […]

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