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Thursday 10 September 2020

OPEC+ production cuts between January and August 2020 contributed to global oil market rebalancing (9/10/2020)

As global demand for petroleum liquids declined significantly in March and April 2020, global oil inventories increased at record levels, rising by an average of 5.9 million barrels per day (b/d) in the first quarter and 7.2 million b/d in the second quarter of 2020. As a result of the lower demand and ample global oil inventories, global crude oil prices fell in March and April to record lows. In response to these market conditions, on April 15, members of the Organization of the Petroleum Exporting Countries (OPEC) and partner countries (OPEC+) agreed to reduce crude oil production. The OPEC+ agreement called for a decrease in crude oil output by a combined 9.7 million b/d in May and June, a combined decrease of 9.6 million b/d in July 2020, and a combined decrease of 7.7 million b/d in August (not accounting for compensation cuts for under-complying countries). Compared with January levels, OPEC+ production fell by an estimated 5.9 million b/d in May, 7.9 million b/d in June, 7.1 million b/d in July, and 5.6 million b/d in August. U.S. Energy Information Administration (EIA) data show that OPEC production in May decreased by 6.0 million b/d from April, which was the largest monthly production decline on record. Between January and July 2020, OPEC crude oil production decreased by 5.7 million b/d. The non-OPEC partner countries reduced their production by 2.8 million b/d in July from production levels in January 2020. EIA data for non-OPEC producers include crude oil and condensate production. ... More »
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The Stages Of A Scam

1. Foundation Work: This is the preparations which are made before the scam is put in motion, including the elaboration of the plan, the employment of assistants and so forth.

2. Approach: Is the manner of getting in touch with the scammers victim — often most elaborately and carefully prepared.

3. Build Up: Rousing and sustaining the interest of the victim, rousing his emotions, showing him the chance of profit and filling him so full of anticipation and cupidity that his judgment is warped and his caution thrown away.

4. Pay-off or Convincer: An actual or apparent paying of money by the conspirators to convince the victim and settle doubts by a cash demonstration.

5. The Hurrah: This is like the dénouement in a play and no scam or con scheme is complete without it. It is a sudden crisis or unexpected development by which the victim is pushed over the last doubt or obstacle and forced to act. Once the hurrah is sprung the victim is clay in the scammer's hands or there is no game.

6. The In-and-In: This is the point in a scam act where the conspirator may put some of his money into the deal with that of the victim; first, to remove the last doubt that may tarry in the gull's mind.