May 26, 2017
It was interesting timing that the Organization of the Petroleum Exporting Countries met in Vienna to discuss extending production cuts immediately after President Trump’s successful visit to Saudi Arabia given his outspoken desire to drive U.S. energy independence. OPEC’s efforts to moderate production, assuming members have the discipline to adhere to the cuts, have the potential to do little more than modestly impact the oil inventory cycle. OPEC’s real problems are secular.
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