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Tag Archives: OPEC

US Trade Deficit In 2016 Was The Biggest In Four Years

In a report that will be closely watched by Donald Trump, the U.S. Bureau of Economic Analysis announced that the US trade deficit in December decreased modestly last December: In the last month of 2016, the US deficit decreased from $45.7 billion in November (revised from $45.2) to $44.3 billion in December, less than the $45 billion expected, as exports increased more than imports. The goods deficit decreased $1.2 billion in December to $65.7 billion, offset by a services surplus...

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3 Things: Fed Fubar, Feb Flop, & A Fifty-Percent Drop

Submitted by Lance Roberts via RealInvestmentAdvice.com, February Bumps With January now behind us, and as the luster of the election begins to fade, the question becomes what will the month of February bring. While it is impossible to predict outcomes with absolute certainly, we can look at historical precedents to discern the risk that we undertake as investors. If we look at the month of February going back to 1960 we find that there is a slight bias to February ending positively 57% of...

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Libya: an OPEC wildcard?

Libya has the potential to upset the OPEC apple cart, and early expressions of high levels of compliance with the cuts agreed by OPEC and associated non-OPEC producers should be taken with a pinch of salt. According to an interview with S&P Global Platts’ Eklavya Gupte January 24, chairman of Libya’s National Oil Company Mustafa Sanalla is targeting oil output of 1.25 million b/d by year’s end. This target comes with many caveats, including consistent funding from the...

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For The First Time Ever Russia Beats Saudi Arabia As China’s Top Oil Supplier

While OPEC members were infighting over crude production and export quotas, posturing with temporary production cuts (just so the Saudis could get a six month reprieve during which it clears out a massive internal crude glut), Russia was busy capturing market share, and according to overnight Chinese data, Russia overtook Saudi Arabia as China’s top oil supplier last year for the first time ever boosted by robust demand from independent Chinese "teapot" refineries. Russia boosted oil exports...

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The Oil Production Cuts Are Purely Symbolic Marketing Trickery (Video)

By EconMatters The OPEC and Non-OPEC Oil Production cuts are actually a joke in the bigger scheme of things, the oil markets have been over supplied for a decade. The Market`s self serving definition of a balanced oil market is complete nonsense on a larger macro view of the market. There is a reason the 5-year averages for oil stocks have been rising every year I have been trading the oil market. It isn`t a coincidental indicator that more oil storage facilities are being built or...

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OPEC Praises Production Cuts, Reveals No Penalties For Violators As Deal Skepticism Rises

After Sunday's latest meeting between OPEC and non-OPEC countries in Vienna, energy ministers struck an optimistic note regarding the recent agreement to cut oil output as a committee set to monitor compliance with the deal meets for the first time. Oil producers said they are in "total agreement" on the mechanism for monitoring pledged output cuts, Kuwait Oil Minister Essam Al-Marzouk told reporters after the committee ended its meeting in Vienna. "I am satisfied, I am optimistic and, as I...

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Trump And A New Gold-Backed Dollar

Submitted by Nick Giambruno via InternationalMan.com, On August 15, 1971, President Nixon killed the last remnants of the gold standard. Since then, the dollar has been a pure fiat currency, allowing the Fed to print as many dollars as it pleases. Removing the US dollar’s last link to gold eliminated the main motivation for foreign countries to store large dollar reserves and to use the dollar for international trade. At this point, demand for dollars was set to fall… along with...

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Oil Slides After Saudis Suggest Early End To OPEC Deal

Following a brief spike overnight (as China intervened in its equity market), crude prices slipped lower, testing towards a $51 handle after Saudi Arabia says OPEC is on track to wrap up its production curbs by the middle of the year, potentially leaving its aim of clearing a global oil glut unfinished. As Bloomberg reports, OPEC and Russia won’t need to prolong output cuts beyond June because the agreed reductions will have already ended the oversupply in world crude markets, Saudi Minister...

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Frontrunning: January 10

Immigration in focus as U.S. Senate confronts Trump nominees (Reuters) Jeff Sessions to Be Grilled on Race in First of Hearings (WSJ) Libya Ramps Up Oil Production, Threatening OPEC Plans (WSJ) Valeant to sell assets for $2.12 billion to ease debt load (Reuters) Industry Lobbyists Champ at the Bit, Awaiting Business-Friendly Policies (WSJ) Yahoo to be named Altaba, Mayer to leave board after Verizon deal (Reuters) Tillerson Must Answer for Trump, Big Oil, Even Putin in Hearing (BBG) China...

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Nothing Has Really Changed in the Oil Market Since the 2014 Crash (Video)

By EconMatters We discuss the EIA Weekly Oil Report, check out the Futures Market, and discuss the longer term outlook for the market given mature and declining demand in the developed world, massive supply potential to come to market, Electric Vehicle adoption, and slumping global demand due to the end of the current business cycle, and potential global recession over the next 16 months. When consumers had the lowest gasoline prices since 2004 and Electric Vehicles had their best...

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