In my last article for OilPrice.com (May 16, 2016), I laid out my reasoning for a prediction that the Global Oil Markets would soon be back in balance. Picking an exact date when an oil cycle will end is difficult, but they do call them “cycles” for a reason. This cycle is no different than all of the others that came before it. Oil producers and consumers respond to price changes, which brings supply & demand back into balance, just like they always do.
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While energy companies have put the brakes on capital spending thanks to low crude prices, in a few short years there won’t even be enough oil to meet demand, former Shell Oil CEO John Hofmeister predicted Thursday.
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ABUJA (Reuters) – The mood inside the Organization of the Petroleum Exporting Countries (OPEC) is shifting from mistrust to a growing consensus that a decision must be reached on how to end the global oil price rout, Nigeria’s oil minister told Reuters.
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Josef Schachter says the next bull cycle for oil will begin in the late of 2016 as the global supply glut pushes against storage capacity, forcing companies to reduce their output. However, the president and chief investment officer of Schachter Asset Management says investors will have to ride out another crash in oil prices at the end of the summer driving season before the market rebounds.
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VIENNA—The Organization of the Petroleum Exporting Countries doesn’t see oil prices consistently trading at $100 a barrel again in the next decade, a pessimistic assessment that has the group considering the return of production limits to influence the market, according to people familiar with a recent strategy report.
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The item in question: a new report showing that China just became the world’s top oil importer.
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Traders think the decline in oil prices is over.
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This morning much to my shock investors woke up to yet another sensationalistic spin on “facts” from the media and brokers (GS in the lead) that Cushing won’t actually fill up. This is after months of other attempts to hype the negatives on oil prices while ignoring most of the supply/demand economics.
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NEW YORK, July 4 — The US overtook Saudi Arabia and Russia to become the world’s biggest producer of oil as extraction of energy from shale rock strengthens the nation’s economy, Bank of America Corp said.
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The daily newspapers are now full of stories predicting that Iraq, as we know it, will soon disintegrate into three or more warring states. In the last two weeks Sunni insurgents led by the extremist ISIS have routed a good part of the Iraqi army, taken over much of northern Iraq not controlled by the Kurds and now are moving close to Baghdad.
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