Macquarie: OPEC Deal To Collapse In 2018

OilPrice.com ------ OPEC’s production cut deal is unlikely to survive beyond its current deadline in March 2018, with the agreement seen falling apart towards the middle of next year, in which case a huge amount of extra oil would hit the market, Ian Reid, head of European oil and gas research at Macquarie, told CNBC on Thursday. OPEC’s deal has not had the cartel’s desired effect on the markets, neither in terms of oil prices nor in drawing down the global glut. According to Reid, the volume of U.S. shale output is basically nullifying OPEC’s efforts. To learn more click on the picture below to read the article.