Commodities Corner: OPEC risks destroying its oil market success [MarketWatch]
Intercontinental Exchange Inc. (ICE)
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Source: MarketWatch
OPEC risks destroying its oil market success The Organization of the Petroleum Exporting Countries can claim success in its roughly 18-month-old effort to curb production—easing a global glut of supply and raising oil prices. What the oil producers decide to do next at their meeting on June 22 in Vienna, however, could largely erase that progress. “OPEC countries will be contemplating production levels that could potentially tip the supply/demand balance currently in place, leaving crude oil pricing susceptible to oversupply,” said Ben Cook, portfolio manager at energy investment management firm BP Capital Fund Advisors. “Great work has been achieved in coordinating OPEC and non-OPEC countries together to minimize global inventory levels,” he said. “Preserving that cooperation will be extremely tricky, given the higher oil price [and] revenue-generating environment that we find ourselves in today.” OPEC, along with 10 big nonmember oil producers led by Russia, agreed in late 2016 to h
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