OPEC machine back into action

Malcolm Graham-Wood Independent Analyst

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.

Author

Malcolm Graham-Wood

Independent Analyst

Malcolm Graham-Wood started his City career as a trainee analyst at Wood Mackenzie and then cut a swathe through a number of broking houses, all the time building up his knowledge and love of the upstream oil and gas industry incl

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