OPEC officials maintain market is rebalancing Cut extension details still in flux Market has priced in extension, say analysts The price swoon of the last few weeks has no doubt disappointed — if not frustrated — OPEC’s 13 members, who have seen their efforts to cut production to support prices seemingly thwarted by stubbornly high inventories. But all along, OPEC officials have maintained that their goal with the production cut deal can not and should not be measured by how the market reacts day to day, or even week to week. Their eyes are focused on the third quarter, when OPEC’s own analysis, as laid out in its most recent monthly oil market report, estimates global demand for OPEC crude will rise to 33.13 million b/d, some 1.3 million b/d above current levels. OPEC will issue its newest monthly oil market report next Thursday. Article continues below… Oilgram News […]