Opec has lost its crown as world’s top oil player

26 Sep 2017   OPEC

It’s happy days for Opec, but once the whoops die down, the group should take a long hard look at itself. Because it has lost its crown as the world’s top oil player. Shale billionaire Harold Hamm told Bloomberg TV on Friday that forecasts of US oil production growth are way too optimistic and are distorting global crude prices. That news was greeted with big smiles – if not wild cheering – by oil ministers meeting in Vienna to discuss the effectiveness of their output deal. But it’s too early for them to start celebrating just yet. That wasn’t the only boost the ministers got ahead of their latest gathering. Analysts at Goldman Sachs said in a Sept 21 note that the level of Brent backwardation – the premium for crude for delivery next month over that for delivery a year in the future – “is consistent with OECD […]

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