OPEC Needs Better Inventory Measurement System

[Marina Schwarz + 1,576]

"OPEC will soon discuss with Russia a new way to measure oil stockpiles, with the Saudi Energy Minister saying that finding reliable inventory data has been a challenge to more than a year of oil-output cuts meant to curb the global glut."

Did he just say we can't trust OPEC data? My, what timing he has.

[John Cragg 0]

Like any other equation, the quality of the data coming out is only as good as the quality of the data going in. OPEC has done the best that they can with the imprecise measuring methods employed with monitoring inventories. OPEC + Russia have done a masterful job elevating oil prices to this level, and they will continue to do this well into the future (in my opinion).