OGJ Newsletter

Market MovementOPEC tries to navigate oil prices to $25/bbl; uncertainty prevailsOPEC continues to try to navigate oil prices between the Scylla of Iraqi supply surprises and the Charybdis of weakening oil demand.The group's latest effort to micromanage oil markets has yielded a 1.5 million b/d cut, as expected. Not surprisingly, oil prices dipped a bit in response, just as they did when the Iraqis halted oil exports Dec. 1 over yet another dispute with the UN. Markets had already built in a discount in oil prices because OPEC had been telegraphing the move for some weeks now. The fact that oil prices fell instead of rising with news of a cut simply reflected the anticipation of some ...

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