Takeaway: OPEC Still Optimistic Production Cuts Will Bring Market Into Balance & Stabilize Prices

FLASH CALL

Thursday, March 16, 2017

11:00am EST

From our Man in  Vienna: OPEC Still Optimistic Production Cuts Will Bring Market Into Balance & Stabilize Prices

Meanwhile, EIA Forecasts US Shale Production Will Rise 1 Million B/D in 2017

VIENNA, AUSTRIA --- OPEC maintains that it is in the optimistic camp when it comes to oil prices and market rebalancing. Saudi Arabia also shares confidence that the production cut agreement is working and cautions against pessimism less than three months into the deal.

As US shale production looks to add another 1 million barrels a day in production in 2017, OPEC is trying to decide whether to extend its production cut agreement for another six months.

Our man in Vienna, senior energy policy analyst Joe McMonigle recently met with the OPEC Secretary General and top staff in Vienna as well as other OPEC officials in Washington

If you thought all of this bearish data for oil prices was worrying OPEC, you would be wrong. Instead OPEC remains positive and calm about its production cut agreement working as intended to bring the market into balance and stabilize prices.

Joe will explain OPEC’s current thinking on oil markets and their plan with regard to extending production cuts for another six months when the group meets again in late May.

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https://app.hedgeye.com/feed_items/58002-event-opec-still-optimistic-production-cuts-will-bring-market-into-balance

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