Wood Mac: Non-OPEC resilience impressive

30 Sep 2017   Oil Supply, Prices

In the short run, the overall stability for oil production outside the Organization of Petroleum Exporting Countries is a spoiler for the bulls, analysis finds. OPEC in January began sidelining the equivalent of about 2 percent of the global demand for oil in an effort to drain on the surplus for the five-year average in total stockpiles. Through a variety of factors, including the short-term impacts from hurricanes in the United States, market levels are inching back toward balance. Despite a rally that’s lasted almost a month, analysis from consultant group Wood Mackenzie said the “lower-for-longer” situation for the price of oil lingers, leaving investments streams under pressure. For decline rates from producers outside of OPEC, however, analysis found relative […]

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