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OPEC And U.S. Production Shape Oil Market Dynamics

Monday, April 10, 2017 4:41
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(Before It's News)

from the Dallas Fed

– this post authored by Soojin Jo and Justin J. Lee

In an effort to reduce record high global crude oil inventories, the Organization of the Petroleum Exporting Countries (OPEC) along with 11 non-OPEC countries implemented a six-month production cut on Jan. 1. For the past two months, Saudi Arabia and some other Persian Gulf states have reduced production by more than their pledged targets. However, global crude oil inventories have not shown any signs of significant drawdowns, and rising U.S. production threatens the effectiveness of OPEC cuts.

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