Publications: Notes at the Margin

Middle East Exporters Cannot Stabilize Markets by Themselves (September 22, 2014)


Those who believe Saudi Arabia can or will cut production to defend prices or that Middle East producers will do so are out of touch. Anyone thinking Middle East exporters can hold prices up alone have not looked at the numbers. Circumstances today indicate that oil prices will drift lower until all oil-exporting countries (OPEC members plus Canada, Mexico, Norway, and Russia) meet and agree to lower output jointly. This week's report provides the details and discusses the implications. In addition, we examine the "fiction" of the contango play and provide an update on the US renewable fuel standard for 2014.


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