OPEC backed into a corner, Texas economist says

25 Aug 2017   OPEC

With U.S. crude oil production on the rise, it’s clear the production agreement from OPEC hasn’t worked as intended, an economist in Texas said. The Organization of Petroleum Exporting Countries and a handful of non-member state producers in January started a plan to pull global crude oil inventories closer to the five-year average. A market surplus last year pushed crude oil prices to historic lows, slowed capital streams toward exploration and production and hurt the financial well-being of producers and producing states alike. The state economy in Texas last year faced headwinds because of weak energy market conditions, but has since shown clear indications of recovery. Though oil prices are still half what they were about three years ago, Karr Ingham, an […]

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