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Wednesday, 20 March 19:45 (GMT -05:00)



Stock and commodities markets

Experts Criticize OPEC+ Agreement for Unpredictable Outcomes


OPEC exporters may beat the target related to the OPEC+ agreement, which now seems to be a point of concern for international investors, The Wall Street Journal reports.
 
There is almost 100% certainty that the OPEC and some non-OPEC oil exporters led by Russia are going to extend the OPEC+ agreement (including the 2% production cap) during the OPEC summit in Vienna scheduled for November 30th. However, both OPEC members and international community cannot be sure that the deal extension will manage to keep supporting oil prices relatively high over an extended period of time. Chances are, the decision to extend the deal all the way up until the end of 2018 may trigger a too rapid oil rally. If that’s the case, we’ll see a rapid drop in the global demand for crude oil, and that’s something no oil exporter wants to see.
 
Merchant Commodity representative Doug King doesn’t deny a rally up to $70/b in the coming weeks. Over the last 3 months, oil prices have gone up by 20%. Brent oil exceeded $63/b while WTI oil nearly reached $59/b over the same reporting period. These are major highs – the highest price levels since June 2015, NordFX experts report.
 


At the same time, the OPEC+ deal signed last year now seem to have backed higher oil prices as expected, even though it took more time than expected. Indeed, oil prices have been accelerating for a while. This is something that started worrying Saudi Arabia and some other major oil exporters. They don’t wont oil prices to rally too fast since this may scary away oil importers.
 
The bottom line is that the OPEC and their peers may “overdo it”, which may trigger a bigger demand for electro-cars and other green technologies independent from fossil fuels like crude oil.

On top of that, American shale oil companies may try to take advantage of the situation. Baker Hughes reports that the amount of functioning American oil rigs increased by 9 units up to 747 units over the past week.

 

 

 

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Publication date: 14 February 12:33 AM

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Publication date: 29 November 07:57 AM

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Alpari Gold, which is a part of the Alpari financial brand, has had a professionally bright month. November's biggest event was the participation in a prestigious annual international expo named COINS-2018. 

 
Publication date: 29 November 07:57 AM

OPEC Loses Grip on Global Energy Market

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Publication date: 29 July 11:16 AM

USA Will Dominate Global Oil Market, IEA Says

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Publication date: 19 April 07:11 AM

Global Trade War Will Push Gold Price to $1400/oz

According to Bloomberg and some other online sources, the global trade war started by Donald Trump will eventually increase the dollar value of gold. In particular, they say that the price of gold may reach the 5-year high in the near future.

Publication date: 04 April 01:21 AM

OPEC Is Ready To Ask American Shale Oil Companies Not To Boost Their Oil Production

According to the Energy Minister of the UAE, the OPEC is ready to start asking American shale oil producers to stop boosting their shale oil production. The statement was made during the International Petroleum Week (IP Week).

Publication date: 06 March 10:29 AM

Shale Oil Threatens with an Oil Market Crash to 2014 Levels

The two years' period of moderately high oil prices is about to be over, the International Energy Agency assumes. They say that the global supply is likely to exceed the global demand, which will push down oil prices, may be even to the levels of 2014.

Publication date: 05 March 03:50 AM

Alpari Signs Up Russian Sportscaster Vasili Utkin

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Publication date: 05 March 01:45 AM