OPEC to the Oil Market: We Told You So [The Motley Fool]
ANADARKO PETROLEUM (APC)
Last anadarko petroleum earnings: 7/26 04:10 pm
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Source: The Motley Fool
The group of oil-producing nations warned the market that it was worried about the wrong thing. For months, most oil-market watchers fretted about the impact that newly imposed U.S. sanctions on Iran would have on global supplies. Those concerns pushed the price of crude up to more than $85 a barrel, while many analysts anticipated that oil could soon reclaim the triple digits as supplies tightened further. President Trump and others called on OPEC to boost production so that oil prices didn't get out of hand. OPEC, however, refused to budge because it believed that the market was worried about the wrong thing . Instead of an undersupply issue, OPEC thought the market had more oil than it needed, so it was concerned about another glut forming that could put downward pressure on prices. That's exactly what seems to be happening after the Trump administration gave waivers to key buyers of Iranian oil, allowing it to continue supplying them with crude. That shift has qui
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