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OPEC, U.S. shale oil and oil stocks ahead

By A/S Global Risk Management.



Michael Poulson, Oil Risk Manager at A/S Global Risk Management. Image credit: A/S Global Risk Management


Updated on 11 Oct 2017 11:04 GMT

By Michael Poulson, A/S Global Risk Management

Oil prices inched upwards on news of Saudi Arabia cutting monthly oil exports. However, as mentioned in our Market Briefing yesterday, this does not mean that the huge oil producer will produce more, merely likely that it will refrain from exporting the oil. Hence the - after all - limited market reaction.

OPEC's secretary general urged U.S. shale oil producers to join the row of oil producers attempting to balance the oil market. Despite being one of the world's largest oil producers, the U.S. is not participating in the current oil production cut between OPEC and a row of non-OPEC countries. The deal expires by end of Q1-2018, but rumour has it that the deal could be extended; Saudi Arabia and Russia - the other major oil producers - discussed the possibility last week, but the next ordinary meeting between the parties is due on 30 November.

Tonight, the weekly U.S. oil stocks data from the American Petroleum Institute (API) will be released; a day delayed due to Monday's holiday.Consensus is a draw in crude oil stocks as well as products (distillates and gasoline stocks).



A/S Global Risk Management is a provider of customised hedging solutions for the management of price risk on fuel expenses. The company has offices in Denmark and Singapore. For further details about its risk management products and services, please call +45 88 38 00 00 or email hedging@global-riskmanagement.com.






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