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Organization of Petroleum-Exporting Countries

As Quota Compliance Tumbles, Is The End Of OPEC Near?

As Quota Compliance Tumbles, Is The End Of OPEC Near?

OPEC’s progress in reducing the oversupply in global oil markets relied on contributions from Nigeria and Libya in March, two countries that are exempt from the group’s deal to rein in production.

The Organization of Petroleum Exporting Countries pumped 32.095 million barrels a day, down 200,000 a day from February, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. Supply from Nigeria and Libya dropped by a combined 210,000 barrels a day to 1.55 million and 620,000 a day, respectively.

Rig Count Continues To Threaten Oil Price Recovery, Saudis Cut Prices To Asia (Again)

Rig Count Continues To Threaten Oil Price Recovery, Saudis Cut Prices To Asia (Again)

For the 11th week in a row, the number of US oil rigs rose (up 10 to 662 - the highest since September 2015). US Crude production continues to track the lagged rig count, pouring more cold water on OPEC's production cut party.

The rig count grows, tracking the lagged oil price in a self-defeating cycle...

And crude production appears to have plenty more room to run...

And don't forget, as Nick Cunningham detailed, there are thousands of drilled shale wells are sitting idle, unfracked and uncompleted.

Iron Ore Tumbles As China Steel-Producing Hub Found Lying About Production Cuts

Iron Ore Tumbles As China Steel-Producing Hub Found Lying About Production Cuts

Very much like the self-imposed output cut by OPEC and non-OPEC members which successfully boosted the price of crude over $50 even if global crude inventories "inexplicably" continue to hit new all time highs, one of the main reasons why commodity metal prices have seen a dramatic increase in prices over the past year has been China's solemn vow to cut back on overcapacity and excess production.

Shell's New Permian Play Profitable At $20 A Barrel

Shell's New Permian Play Profitable At $20 A Barrel

Authored by Rakesh Upadhyay via OilPrice.com,

OPEC’s worries about the booming U.S. oil production have increased significantly with the big three oil companies’ interest in shale. Exxon Mobil Corp., Royal Dutch Shell Plc, and Chevron Corp., are planning $10 billion of investments in shale in 2017, a quantum jump compared to previous years. All the naysayers who doubted the longevity of the shale oil industry may have to modify their forecasts.

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