{"id":2404,"date":"2014-12-03T13:24:39","date_gmt":"2014-12-03T18:24:39","guid":{"rendered":"http:\/\/olduvai.ca\/?p=2404"},"modified":"2014-12-03T13:24:39","modified_gmt":"2014-12-03T18:24:39","slug":"there-are-300000-iraqi-barrels-signaling-oil-glut-will-deepen-bloomberg","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=2404","title":{"rendered":"There Are 300,000 Iraqi Barrels Signaling Oil Glut Will Deepen – Bloomberg"},"content":{"rendered":"

There Are 300,000 Iraqi Barrels Signaling Oil Glut Will Deepen – Bloomberg<\/a>.<\/p>\n

Not only is OPEC refraining from cutting oil output to stem the five-month plunge in prices, it\u2019s adding to the supply glut.<\/p>\n

Just five days after the Organization of Petroleum Exporting Countries decided to maintain production levels, Iraq, the group\u2019s second-biggest member, inked an export deal with the Kurds that may add about 300,000 barrels a day to world supplies.<\/p>\n

In a global market that neighboring Kuwait estimates is facing a daily oversupply of 1.8 million barrels, the accord stands to deepen crude\u2019s 38 percent plunge since late June. Or as\u00a0Carsten Fritsch<\/a>, a Frankfurt-based analyst at Commerzbank AG, put it: there\u2019ll be \u201ceven more oil flooding the market that nobody needs.\u201d<\/p>\n

Benchmark Brent crude slumped immediately after the deal was signed yesterday inBaghdad<\/a>, dropping 2.8 percent to $70.54 a barrel. The price, which slipped another 0.2 percent today, is down 9 percent since OPEC\u2019s Nov. 27 decision and 17 percent over the past 30 days.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n","protected":false},"excerpt":{"rendered":"

There Are 300,000 Iraqi Barrels Signaling Oil Glut Will Deepen – Bloomberg. Not only is OPEC refraining from cutting oil output to stem the five-month plunge in prices, it\u2019s adding to the supply glut. Just five days after the Organization of Petroleum Exporting Countries decided to maintain production levels, Iraq, the group\u2019s second-biggest member, inked […]<\/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":[3],"tags":[184,442,1606,588,596,600],"class_list":["post-2404","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-crude-oil","tag-iraq","tag-kuwait","tag-oil","tag-oil-supply","tag-opec"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2404","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=2404"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2404\/revisions"}],"predecessor-version":[{"id":2405,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2404\/revisions\/2405"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2404"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2404"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2404"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}