Commodity Trade Mantra

Posts Tagged ‘Oil Storage Levels’

OPEC Is Winning The Oil Price War Says IEA

The Saudi-led OPEC strategy to defend market share regardless of price appears to be having the intended effect of driving out costly, ‘inefficient’ production. That is because non-OPEC supply is contracting while OPEC is keeping production elevated. Low oil prices are “closing down high-cost production from Eagle Ford in Texas to Russia and the North Sea.

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