A sliding oil price could be just the start of something more serious next year for Opec, the oil cartel, and its close associate, Russia.
Three days of falling oil prices is not a crisis for OPEC, the weakening oil producer’s club, but forecasts of a continuation of the price decline could sap what strength remains in an organization once able to dictate the direction of the global economy.
“Soon, the Opec+ producers will once again see surging non-Opec oil production with the implied market balance returning to a significant surplus placing pressure on prices.By market management the IEA means production cuts by members of the club, especially Saudi Arabia.Cuts, however, will not be easy or welcomed by the Saudis who are finalizing the listing of their national oil champion, Saudi Aramco, on the Tadawul .
That means the burden of production cuts falls on Opec members, an unwelcome possibility as most are already being squeezed by the last round of cuts which might have helped stabilize the oil price, but did not deliver the price boost hoped for. McKinsey said the U.S. “is poised to"become the largest LNG exporter globally by 2022, overtaking Australia and Qatar”.
“Over 100 LNG projects totally 1100 million tons a year of capacity are competing to fill the 125 million tons a year supply gap by 2035; many of the marginal projects are from the U.S.”
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Oil prices fall 1% on U.S.-China trade doubts, OPEC+ talksOil prices fell about 1% on Thursday after a media report cast doubt on the poss...
Consulte Mais informação »
Why We Love to Bake With Oil Instead of Butter (Sometimes)Forget what you heard about oil cakes.
Consulte Mais informação »
Oil protesters disrupt Texas energy port ahead of U.S. presidential debateThe U.S. Coast Guard on Thursday closed part of the Houston Ship Channel to vess...
Consulte Mais informação »
U.S. says it has evidence Adrian Darya 1 oil transferred to SyriaThe United States has evidence that the Iranian tanker Adrian Darya 1 has transf...
Consulte Mais informação »
Oil falls as specter of U.S.-China trade war haunts marketOil futures fell on Friday as optimism over an end to the U.S.-China trade war f...
Consulte Mais informação »
Oil slips on global demand fears despite U.S.-China trade talk hopesOil futures fell on Friday as concerns about global growth and slowing demand li...
Consulte Mais informação »