{"id":21056,"date":"2016-06-18T09:56:14","date_gmt":"2016-06-18T14:56:14","guid":{"rendered":"http:\/\/olduvai.ca\/?p=21056"},"modified":"2016-06-18T09:56:14","modified_gmt":"2016-06-18T14:56:14","slug":"turns-out-opec-isnt-dead-yet","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=21056","title":{"rendered":"Turns out, OPEC Isn\u2019t Dead Yet"},"content":{"rendered":"<header>\n<h3 class=\"entry-title\"><a href=\"http:\/\/wolfstreet.com\/2016\/06\/17\/turns-out-opec-is-not-dead-yet\/\">Turns out, OPEC Isn\u2019t Dead Yet<\/a><\/h3>\n<\/header>\n<div class=\"entry-content\">\n<p><strong>In\u00a0War for Market Share\u00a0with\u00a0US shale oil.<\/strong><\/p>\n<p>Mayhem has crisscrossed the global oil markets since 2014: Huge losses for Big Oil, including teetering, over-indebted, state-owned giants like Mexico\u2019s Pemex and Brazil\u2019s Petrobras; bankruptcies among some of the smaller players; cuts in production in the US, Canada, and China where production plunged 7.3% in May from a year ago, the\u00a0<a href=\"http:\/\/www.bloomberg.com\/news\/articles\/2016-06-13\/china-cuts-oil-output-by-most-in-15-years-coal-production-slows\">biggest decline<\/a>\u00a0since February 2001; hundreds of thousands of people losing their jobs across the globe; deep trouble in Brazil, chaos in Venezuela\u2026.<\/p>\n<p>Record levels of crude oil stocks have become a global phenomenon. In the US, crude oil stocks are at 532 million barrels, a record for this time of the year in EIA\u2019s\u00a0data series going back 80 years. Even driving season has barely made a dent so far; stocks remain 63.6 million barrels above the mega-record levels a year ago. Gasoline and distillate stocks are 19.2 million and 18.6 million barrels above their levels a year ago.<\/p>\n<p>Oil tankers full of crude are lined up outside the port of Singapore and others, some waiting to unload cargo, others being used for crude oil storage at sea. Across OPEC, storage levels of petroleum products rose to 3,046 million barrels in April, or 13% above the five-year average.<\/p>\n<p>The world is awash in oil.<\/p>\n<p>In the process, OPEC has been declared dead or dying because it was unable to agree on anything, refused to cut production, and brushed off calls to do something, for crying out loud, about the collapsed prices \u2014 which, despite the mega-rally, remain down over 50% from where they\u2019d been before the oil bust began.<\/p>\n<p>But there was one thing OPEC was able to accomplish by not agreeing to buckle under pressure and cut production: it increased its market share.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Turns out, OPEC Isn\u2019t Dead Yet In\u00a0War for Market Share\u00a0with\u00a0US shale oil. Mayhem has crisscrossed the global oil markets since 2014: Huge losses for Big Oil, including teetering, over-indebted, state-owned giants like Mexico\u2019s Pemex and Brazil\u2019s Petrobras; bankruptcies among some of the smaller players; cuts in production in the US, Canada, and China where production [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3,5],"tags":[2688,505,588,1775,600,846,4254,4255],"class_list":["post-21056","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","category-geopolitics","tag-big-oil","tag-market-share","tag-oil","tag-oil-price-collapse","tag-opec","tag-us-shale-oil","tag-wolf-richter","tag-wolfstreet"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/21056","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21056"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/21056\/revisions"}],"predecessor-version":[{"id":21057,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/21056\/revisions\/21057"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21056"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21056"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21056"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}