OPEC Is Struggling To Deliver On Increased Output Pledge

OPEC is struggling to add barrels to the market after agreeing in June to increase output, an internal document seen by Reuters showed, as an increase in Saudi Arabia was offset by declines in Iran, Venezuela and Angola. The Organization of the Petroleum Exporting Countries and allies agreed in June to boost supply as U.S. President Donald Trump urged producers to offset losses caused by sanctions on Iran and to dampen rising prices. Saudi Energy Minister Khalid al-Falih said OPEC and non-OPEC would pump roughly an extra 1 million barrels per day (bpd) following the June agreement. The OPEC document seen by Reuters adds to signs they have yet to deliver the full amount.

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Is OPEC still relevant? :)

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11 minutes ago, rainman said:

Is OPEC still relevant? :)

It's an eternal question. The structure of oil markets has changed. It was long ago when oil market traders could win or lose based on just a few words from OPEC oil ministers.

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They are relevant until they can still affect on the market by physically and psychologically....

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The inability to reach consensus has limited their ability to impact the market the way they have in the past. As a first, it's a greed of Saudi Arabia, then their disagreements and conflicts.. So they are less relevant than before. But OPEC is not dead :) Money is magic word and has a same meaning in Kuwait, Nigeria, Venezuela, Iran or Saudi Arabia.... 

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1 hour ago, franco said:

OPEC is struggling to add barrels to the market after agreeing in June to increase output, an internal document seen by Reuters showed, as an increase in Saudi Arabia was offset by declines in Iran, Venezuela and Angola. The Organization of the Petroleum Exporting Countries and allies agreed in June to boost supply as U.S. President Donald Trump urged producers to offset losses caused by sanctions on Iran and to dampen rising prices. Saudi Energy Minister Khalid al-Falih said OPEC and non-OPEC would pump roughly an extra 1 million barrels per day (bpd) following the June agreement. The OPEC document seen by Reuters adds to signs they have yet to deliver the full amount.

A new report from TankerTrackers indicates that Iran exported an average of 2.2mbpd of crude oil in the first 2 weeks of October....

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8 minutes ago, ThunderBlade said:

A new report from TankerTrackers indicates that Iran exported an average of 2.2mbpd of crude oil in the first 2 weeks of October....

Yeah the media is really retarded about how they gather information, they go strictly off of AIS data which is easily manipulated (ghost tankers). Analyst are already revising their Oct estimates when they realized how many super tankers (some of which didn't have their AIS systems on) were arriving in China. 

Oil market was not as tight as the hedgefund boogy men were leading us to believe. Long positions increased by 40% the second week of October, pure greed, a moderate portion of those got liquidated last week with the drop. That's why speculation can't sustain price alone

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