The oil guru who predicted the market rout in 2014 said OPEC and its allies should have gone much further when they extended their supply deal last month. (Bloomberg) — The oil guru who predicted the market rout in 2014 said OPEC and its allies should have gone much further when they extended their supply deal last month. “They should have cut another million barrels a day for ninety days in order to drain the system,” said Gary Ross, global head of oil at PIRA Energy, a forecasting and analytics unit of S&P Global Platts. For Ross, the producers missed an opportunity to deepen cuts between June and August when refinery demand is higher and so accelerate the decline in inventories. Such a move would have pushed the market into backwardation, when near-term prices are higher than those for later months, he said. That structure favors OPEC because it […]