OGJ Newsletter

Market MovementPossible tight oil market may give way to competition, analysts sayNow that the Organization of Petroleum Exporting Countries has extended its production quotas through the third quarter, industry analysts are focusing on potentially tight market fundamentals through the rest of this year and increased competition between OPEC and Russia in the future.The likelihood for a tight market through the rest of this year is supported by the seasonal increase in demand, increased industrial activity, and low exports of Iraqi crude, estimated at 650,000 b/d in the first 3 weeks of June under the United Nations oil-for-aid program, said Matthew Warburton with UBS Warburg LLC, New Yor...

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