Oil is getting caned:
Let’s sum up. Beginning with the IEA’s new OMR:
In this Report, we publish our first look at what 2018 might have in store. This is timely in view of the recent extension until March of the output cuts. However, such is the volatile nature of the market today, with recent tensions in the Gulf adding to the mix, 2018 seems a long way away. Immediate concerns about stubbornly high stocks due to rising global production are pressuring oil prices, which have fallen to levels not seen since the OPEC ministerial meeting at the end of November.
