David Hufton

David Hufton has been quoted 9 times in 9 different articles. On this page, you will find all of David Hufton’s quotes organized by date and topic. Alongside each quote is a link back to the article where the quote was reported, so you can go back to the source for more context if you need it. Topics that David Hufton speaks about are OPEC and China, for example. Most recently, David Hufton was quoted in the article OPEC oil output hits new record on Nigeria, Libya - Reuters survey saying, “With OPEC production creeping up towards 34 million barrels a day, a production freeze guarantees that the oil market will remain out of balance throughout 2017 and into 2018.”.

David Hufton quotes

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Market belief that OPEC can reach a credible deal has collapsed and prices are now $8 a barrel off the post-Algiers highs. The numbers show that the best deal OPEC are likely to come up with is well short of what is needed to achieve a balanced market in 2017.

With OPEC production creeping up towards 34 million barrels a day, a production freeze guarantees that the oil market will remain out of balance throughout 2017 and into 2018.

The (OPEC) meeting is unlikely to yield anything because OPEC are caught in a squeeze. On the supply side it is their own increase in production that is prolonging the price depression but if they freeze or restrain production to lift prices they will stimulate competing non-OPEC supply and lose market share.

Events in Canada are yet another example of what has turned out to be a key feature this year, which is a sequence of unexpected supply disruptions supporting prices.

Once again the Saudis have delivered a hammer blow to fellow producers.

A March 20 meeting in Moscow has changed into an April 17 meeting in Doha, which is only six weeks ahead of the next full OPEC meeting on June 2. Dollar strength that might reverse and a production freeze that might turn out to be an empty vessel are not the strongest foundations on which to be long oil at $40 a barrel.

The market needs a cut, not a production freeze.

Without a production agreement, fundamentals point to lower numbers. With one, oil becomes a $40-to-$60-a-barrel market.

If the first week is anything to go by we are in for a long, volatile and very exhausting year. The week started on a bad note and ended on a good one but the market response, worryingly, was the same to both – sell, sell, sell. China has torpedoed the hopes of the optimists. The third leg of the financial crises involving emerging markets that the IMF, World Bank, BIS and various messengers of doom had warned of has come into play.

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