Did OPEC Shoot Itself In The Foot?
In roughly four weeks’ time, OPEC and Russia will meet in Vienna to assess how well their agreement to cut oil production has performed. They’ll have a hard time getting over the fact that since they started cutting production, stockpiles have grown.
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This week it led to a rough ride for prices, with headlines screaming ‘Oil has had its worst day since March!’ WTI closed on Wednesday at $50.26 per barrel, after the U.S. Energy Information Administration reported that stocks of crude oil had fallen by 1 m barrels – instead of the 1.5 m that had been anticipated.
It wasn’t what the market wanted to hear after the previous week when the International Energy Agency had revealed that inventories in industrialised countries remained marginally above the five-year average.