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Thursday, 27 July 2017

Opec’s purple patch does not mean the oil battle is won

Opec’s purple patch does not mean the oil battle is won:

"Is Opec using the summer to finally get its act together? After promising earlier this year to do “whatever it takes” to rebalance the oil market, Saudi Arabia, Opec’s de facto leader, said this week it would cut oil exports in August to 6.6m barrels a day, the lowest level in six years, and down 1m barrels a day from the same month in 2016. It was followed in quick succession by the UAE saying it would trim oil allocations to customers by 10 per cent in September, a significant move given the country has dragged its feet in reducing output in line with Opec’s deal to curb supplies."



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