OPEC machine back into action
|The Opec ‘machine’ went back into action yesterday in a number of ways. Firstly, ‘sources’ revealed that the reduction in peak output would be 4%, to my maths this is about the very minimum that they could get away with. Then it became known that Opec were prepared to agree to an Iraqi exemption in order to facilitate an agreement which is more interesting…
Inventory stats have helped a little this week, after the poor API numbers the EIA produced a draw which even though a modest 553/- barrels was better than the build forecast by the teenage scribblers, yesterday Genscape helped by noting a 650/- barrel draw at Cushing.
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