Nothing Novel About It: OPEC Adds a Twist to the Plot, but the Ending Is Unchanged
OPEC's announced production cuts this week represent a positive near-term development for world oil markets, removing more than 1 million barrels per day from an oversupplied system. Even after factoring in the inevitable U.S. shale response to higher crude prices, OPEC's cuts point to a meaningful supply deficit next year. Consequently, we are raising our 2017 WTI price to $60 per barrel, up from $50 previously.Improved near-term fundamentals come at a cost, however. Even a modest recovery in ...
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