Notwithstanding OPEC production cuts, Venezuela sanctions restricting crude supply to the US Gulf Coast driving the market higher, retail gasoline prices are poised to make their annual spring run. Seasonal specification changes in gasoline have a significant impact on price.
Brent crude Oil prices hit a two-month high near $64 a barrel as OPEC led supply cuts and U.S. sanctions against Venezuela's oil exports brightened the supply outlook, but prices fell back on uncertainty about prospects for the global economy.
The world of crude oil is buzzing right now, as OPEC is currently meeting in Vienna, with a goal of reaching an agreement over production levels within the next 6 months. Oil prices dropped over 3 percent on Thursday as OPEC agreed to cut production. However, the cartel is waiting to decide on the actual size of reduction until after a discussion with Russia. This could delay the decision until Friday, when OPEC is set to meet with non-members.
If you read this blog or pay close attention to the oil and gas industry or financial markets you most likely see a lot of headlines about OPEC, geopolitics, Saudi Arabia, President Trump, China, etc. It is a lot to keep track of and with only 4 weeks, left to 2018 there is an abundance of topics to discuss. Today, I wanted to give a short list of some of the major events unfolding across the globe and hopefully give some insight as to what is going on in the world that is effecting the recent volatility in the markets.