Kemp: Mission Accomplished? OPEC Banishes Contango

22 Sep 2017   OPEC

“There is no doubt that the oil market is moving in the right direction,” the Organization of the Petroleum Exporting Countries noted with satisfaction in its most recent bulletin published on Wednesday. “The rebalancing process was never going to happen overnight; it was never going to happen in a linear fashion; and it was always going to require a concerted effort,” OPEC observed. “Patience and perseverance are still required”, the bulletin warned, but the organisation is well on the way to achieving the objectives it set when announcing output cuts in November 2016. Reported oil inventories in the advanced economies have begun to decline towards their five-year average while oil stored at sea and in remote locations has also […]

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