OPEC - Does the "P" Mean PRODUCTION?

By: Dave Robinson / November 27, 2015

Hope everyone had a wonderful Thanksgiving. Let the calorie burning begin.

Not much to digest in the way of market-driving news. A stronger dollar and continuing oversupply of worldwide oil supplies is putting pressure on prices today, as WTI was down a bit over a dollar ($41.99/bbl) and heating oil was down approximately four-and-a-half cents ($1.3579) as of noon ET.

OPEC meets next week (Dec. 4) in Vienna. Iran has indicated it will be announcing plans to increase production by 500,000 bbl/day. Bloomberg says analysts and traders it surveyed are expecting OPEC to continue its strategy of defending market share by maintaining production. “Oil market oversupply will continue through next year, due to resilient U.S. production, even if it is declining, and high OPEC output led by Saudi Arabia and Iraq,” said Michael Wittner, chief oil analyst at Société Générale.

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Categories: Daily Market Update


Dave Robinson

Written by

Dave Robinson

As Director of Marketing, Dave's responsibilities include ensuring customers have access to key information required to ensure smooth fuel operations.


rgy Daily Market Update Disclaimer – The information contained in this market update is derived from sources believed to be reliable; however this update could include technical inaccuracies or typographical errors and Guttman Energy does not guarantee the accuracy, completeness or reliability of this update. FURTHERMORE, THIS UPDATE IS PROVIDED "AS IS," WHERE IS, WITH ALL FAULTS AND WITHOUT ANY WARRANTY OR CONDITION OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY. GUTTMAN ENERGY ALSO SPECIFICALLY DISCLAIMS ALL EXPRESS AND IMPLIED WARRANTIES. YOU USE THIS UPDATE AT YOUR SOLE RISK. This update and any view or comment expressed herein are provided for informational purposes only and should not be interpreted in any way as recommendation or inducement to buy or sell products, commodity futures or options contracts.


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