09-16-2017, 11:31 PM
OPEC has cut nearly one million barrels a day of oil output in the past year. But that isn’t how the global crude market sees it. Oil exports from member countries have also declined, but by a significantly smaller margin than production cutbacks. The unusual discrepancy is muting the impact of a November 2016 deal aimed at curtailing oil supplies in a bid to lift prices, traders and analysts say.
Saudi Arabia Pushes OPEC on New Tack to Curb Oil Supplies - WSJ
Renowned short-seller Jim Chanos is betting against a number of U.S. shale oil and gas drillers. Chanos says Wall Street is overly focused on certain valuation metrics, which hide problems with the fundamental business model in the American oil patch. Investors are taking for granted accounting methods that will create problems for drillers in the future, Chanos said.
US shale oil and gas investors are on 'road to ruin,' warns Jim Chanos
As Hurricane Irma continues to leave destruction in its wake across Florida, Goldman Sachs Group Inc. says Harvey, the storm that struck Texas more than two weeks ago, remains a bigger concern for the oil market. While Irma, which made landfall in the Keys late Sunday as a Category 4 storm before weakening, will hurt oil demand, Harvey’s damage is far greater, the bank’s analysts including Damien Courvalin said in a Sept. 11 note. That’s because Texas is home to twice the oil consumption per capita of Florida. Together, the storms will impact about 600,000 bpd in demand, according to the bank.
Goldman sees spent Harvey hurting oil use more than raging Irma
our objective was to leverage our systems and scale and become an industry leader in shale and then replicate the opportunity around the world. However, following a global endowment study about 2 years ago, it became apparent to us that the opportunities to replicate U.S. shale oil elsewhere did not exist.