Most oil players losing confidence in the market, IEA says

14 Jul 2017   IEA

The dip in oil prices may be in part because of a loss in investor confidence and it’s starting to hit U.S. shale oil profits, the International Energy Agency said. File photo by Gary C. Caskey/UPI July 13 (UPI) — Oil market investors are losing confidence over OPEC’s effort to offset the glut of supplies, though the impact could be hitting U.S. producers, the IEA said. The Organization of Petroleum Exporting Countries and a handful of non-member producers in January started implementing a deal to curb output to offset the supply-side strains that pushed oil prices below $30 per barrel in early 2016. Member states Libya and Nigeria are not participating in the deal so they can steer oil revenue toward national security efforts. Iran is the only member state that has room for production growth so it can regain a market share lost to sanctions. Of the three, […]

Comments are closed.