Oil
U.S. Waivers Dictate OPEC 2.0’s Decision On Production…
Highlights OPEC 2.0 will meet in June to decide whether to continue its production cuts into 2H19. Once again, the leaders are sending conflicting signals – KSA is subtly indicating OPEC 2.0’s 1.2mm b/d of production cuts will need to be extended to year-…
A Catchup Phase For Oil Majors…
A Catchup Phase For Oil Majors…
Shifting Landscape For Petrocurrencies…
Highlights The correlation between oil and petrocurrencies has deeply weakened in recent years. One of the reasons has been the prominence of new, important producers, notably the U.S. Oil prices should trend towards $75/bbl by year-end. This will favor…
Highlights Venezuela’s oil production likely fell ~ 500k b/d last week in the wake of nationwide power outages, reducing total output to ~ 500k b/d. However, neither OPEC 2.0 nor U.S. President Donald Trump drew much attention to it. During an industry…
Highlights Price differentials between global light-sweet crude oil benchmarks Brent and WTI will narrow over the next three years, as U.S. light-sweet crude oil exports expand and North Sea production growth remains challenged. U.S. product exports also…
Iranian Waivers Hinge On Venezuela…
Political economy – i.e., the interplay between critical nation states’ policies and markets – often trumps straightforward supply-demand analysis in oil. This is because policy decisions affect production and consumption, along with global trade. These…