Market dynamics overcome regulatory hurdles and political gamesmanship to create incentives for greenfield projects.
For the upcoming week, Brent crude will move upwardwith resistance at $58.50. The Brent-WTI differential will trade between $2 and $2.75 with respect to the February contract.
Gary Ross, executive chairman and head of global oil at consultancy PIRA, said that the OPEC move put an end to the period that has been marked by the expression, “lower, longer.” He stated flatly that “crude prices were too low for too long.”
The OPEC deal could change the landscape of the oil market for the foreseeable future, but how that landscape will change is yet to be determined.
Clean Tanker Fleet Keeps Pace with Growing Deepsea Fuels Trade
U.S. refined product flows aim to make inroads into Mexico.