Having failed to "rebalance" the oil market in the first six months following the implementation of the Vienna production cut agreement, with crude inventories in the US hitting all time highs in the interim...
Via The Gavekal USA Team,
We recently met with geopolitical strategist Peter Zeihan to discuss world events since the American election and his new book, “The Absent Superpower: The Shale Revolution and a World without America.” In the book, Peter credits energy and resource innovations with reshaping the global geopolitical environment.
Something unprecedented happened last November when OPEC sat down in Vienna to hammer out the final terms of its oil production cut deal (which, incidentally, has yet to translate into a drop of all time high inventories): one day before the summit, the oil producing cartel - or rather Saudi Arabia - secretly invited hedge funds to sit in on the negotiations and provide OPEC, with input on what to do.
Via Nick Cunningham of OilPrice.com,
Canada’s oil sands could struggle to rebound, with potentially billions of barrels of oil being kept underground permanently.
Ye Jianming isn’t a name that rings many bells... yet. But, according to SCMP, it will, considering what he’s achieved so far in a country where the state firms take all. As Fortune recently wrote, when it ranked Ye #2 in its "40 Under 40" list, he runs a $42-billion-a-year oil business in China, (No. 229 on the Fortune Global 500), yet few in China know anything about the mysterious tycoon or the firm he created, CEFC.