OPEC

facebook_page
twitter_page

Last quote about OPEC

David Fyfe - International Energy Agency
That arithmetic ought to persuade Opec and Russia of the value of sticking with it, maybe cutting sufficient extra barrels to offset Libya and Nigeria increases and reaping the reward of higher overall 2017 revenues. But the politics of apportioning further cuts will get messy.feedback
share this quote
NEW Jun 29 2017
OPEC has been commented on by 336 key people in the news. You can find all of them on this page with their statements. People who have been most quoted about OPEC are: John Kilduff, Helima Croft, Khalid al-Falih and Alexander Novak. For instance, the most recent quote from John Kilduff is: “What the market is in the process of doing is trying to draw out a response from the industry. Until they get it, they're going to keep grinding it lower and lower.”.
Automatically powered by Storyzy
Take our quote verification challenge and find out !

All quotes about OPEC

Patrick DeHaan - GasBuddy Organization

So many Americans love to hold onto that myth that gas prices go up for the holiday, and yet, here we are. Gas prices down 15 cents a gallon in the last few weeks.feedback

John Kilduff - Again Capital

We've fallen a long way. If you're initiating a short position now, you missed a lot of the ride down.feedback

John Kilduff - Again Capital

The hedge fund community has clearly lost their faith in OPEC and the Saudis to be able to achieve balance, which was a much ballyhooed position over the last couple of months.feedback

Phillip Streible - R.J. O'Brien & Associates

The drawdown we'll expect is just right around 1 million barrels for crude oil, so data coming out of course is going to be quite bearish for oil going forward.feedback

Miswin Mahesh - Barclays

(The falling price) reflects ample supplies of light sweet crude in the Atlantic. Higher output from Libya, Nigeria; and offers of North Sea crude from floating storage are looming on the market.feedback

Nannette Hechler-Fayd

Since the coming up of shale oil in the U.S., (oil) has been caught up in this broad range between $40 and $60 and we are again testing this lower bound. Whether one likes it or not, there are a number of shale producers that are really not going to look very profitable at this moment. So production is likely at this point to react a bit more than what we have all been expecting in the last half year, Also the inventories are starting to be drawn.feedback

James Williams

It's not surprising the rig count has been rising in the Bakken because producers there will not see the full extent of the crude price drop we've had over the past month. They just got access to a new pipeline, which will reduce the cost of transporting their crude by train.feedback

James Williams

The higher rig count this week reflects decisions made a couple of months ago when oil prices were higher.feedback

Ashok Sharma

There might be a slow creep up towards 60 (on the Worldscale measure). W60 is at least on the horizon. Rates from West Africa to China are already at W56. The storage play has gained traction. If oil prices head lower, floating storage will get more traction. If prices go to $20 a barrel it will be great for shipping – good for oil tankers.feedback

Ian Reid

I think that's going to be a very hard ask to be honest. We actually see this OPEC agreement breaking up towards the middle of next year. In that case, we're going to see a huge amount of extra oil on the market next year.feedback

Bijan Namdar Zanganeh

We are in discussions with OPEC members to prepare ourselves for a new decision. But making decisions in this organisation is very difficult because any decision will mean production cuts for the members.feedback

Jabar al-Luaibi

Iraq supports the agreement that we reached; if developments happen contrary to OPEC's interests, the (OPEC) ministers will hold an extraordinary meeting.feedback

Jabar al-Luaibi

We are now in talks with Exxon Mobil, if we don't reach an agreement, we have other options.feedback

Ian Reid

I think that's going to be a very hard ask to be honest. They can't get the price up to a level where they can keep the shale guys out of the game so unfortunately they're just chasing their tail at the moment.feedback

Beat Wittmann

Net-net lower prices are positive for G-7 countries and certainly for emerging markets where it's an important input factor…It takes off some pressure, of course, from interest rates and inflation rates as well, so I don't see that as negative as long as we don't go really much lower. Low oil prices - as long as we have orderly markets - is quite positive.feedback

Greg McKenna

A deeper cut could arrest the price decline but OPEC needs to actually do it rather than just talk about it.feedback

Oystein Berentsen - OPEC

Global supply outages have fallen to a new low not seen in years. U.S. shale is returning at full force ... (and there are) high storage levels afloat and on land.feedback

Robert McNally

You cannot fight the Federal Reserve but you can fight OPEC. Somebody at OPEC has to cut further but no one is willing.feedback

Mike van Dulken - Accendo Markets

What didn't help were those conflicting comments from OPEC ... and Iran. They need to be singing from the same hymn sheet if we are to believe that there's positivity to be taken from these cuts while the U.S. continues to produce more and the rig-count goes up. As we saw yesterday, even a drawdown in stockpiles offered absolutely no help because it just added to the murky outlook.feedback

Amrita Sen

This is like a falling knife right now, I genuinely haven't seen sentiment this bad ever. We have had clients emailing saying they have been trading this for 20 or 30 years and they have never seen something like this.feedback

Jenna Delaney - S&P Global

We definitely have seen U.S. production take a lot of players by surprise. People are really watching to see whether U.S. production is going to grow, taper off or skyrocket.feedback

Robert McNally

The so-called 'cuts' implemented in January were off of record high levels producers reached in October last year.feedback

Philippe Crouzet - Vallourec

All this means that in terms of volumes, we are, if not back to the volumes of 2014, at least not far from that level.feedback

Philippe Crouzet - Vallourec

The rigs are much more efficient today than three years ago. They run much faster, drill more wells, and each well is longer than in the past.feedback

Philippe Crouzet - Vallourec

We have kept contacts with people even if they were laid off. We are calling back those former employees and training new ones. There is a race to reduce costs. This has been extremely successful. This was not calculated by oil producing countries that thought that letting the price fall from $100 to $70 a barrel would kill the activity of shale oil and gas in North America. They were completely wrong.feedback

Edward Yardeni

OPEC oil producers continue to put a lid on their output in an effort to prop up prices. Yet the price of a barrel of Brent crude oil is back down.feedback

Fawad Razaqzada - Forex.com

The lack of a positive response in oil prices clearly suggests market participants are not convinced that the OPEC's efforts will help shore up prices in a meaningful way in the short-term as shale supply continues to rise in the U.S. Unless we see a marked reduction in crude stockpiles, the possibility of further short term falls in the price of oil cannot be ruled out.feedback

Junichi Ishikawa - IG Securities

Lower crude prices weaken inflationary pressures and in turn arrest the rise in U.S. yields. U.S. inflation indicators have not been strong to start with. Now that oil is falling, it could add further pressure to the dollar by weakening sentiment towards the U.S. energy sector.feedback

Helima Croft - BC Capital

They have some time to deal with this downtrend in prices as long as they can get prices on a better path in 2018 so I think they can sit tight, let the cuts play out, let the inventories draw down and I don't think they're worried about the next couple of weeks. I think they're playing for 2018.feedback

Amrita Sen

Even if foreign policy were to remain aggressive, we don't see any change in oil policy yet. If anything, with the initial public offering (IPO) the center stage, the Kingdom needs higher prices.feedback

Paul Stevens - Chatham House

The problem is he is unpredictable, and it is not clear who he is relying on for advice.feedback

Kyle Cooper

Quite honestly OPEC is done in terms of being able to support the price. They can still prevent a collapse but they can't support the price they want because the price they want is far above what U.S. oil needs, to be able to produce.feedback

Paul Ciana - Bank of America

It just keeps going down, breaking supports and failing at lower resistance levels. It's the absolute definition of a downtrend.feedback

Paul Ciana - Bank of America

Bond prices have risen to exceed the peak of [that double bottom this year, confirming] that the U.S. 10-year yield will likely fall to 1.97 percent this summer, if not sooner.feedback

John Kilduff - Again Capital

Just like when we hit that level, it caused OPEC to respond. Unless and until they do, we're going to grind lower. Gasoline season turned out to be a bust and with fourth of July just around the corner, it's not going to get any better.feedback

Daniel Yergin

$43 is not very far from $39. What we can guess is we're going to see another summer of cratering.feedback

Dan Pickering

I don't think we're in the zone where people are ready to call this a sustainable number, but they're going to be a little bit nervous and wondering if this is an official double dip. It feels like the market is sending a message to the U.S. to stop, and until the U.S. gets that message, I don't know if there's going to be a change.feedback

Kyle Cooper

If you continue to see that, oil production will start to slow. The companies have locked in for 2017, they're hedged, but this might affect 2018.feedback

Tamas Varga

The increasing August export programme in Nigeria and the jump in Libyan oil output should pressure oil prices further in the short term. If we get bearish U.S. oil statistics this week, we could see a test of $45 on Brent.feedback

Jonathan Roy

What we are starting to see is the enthusiasm in the oil price that was bred by the OPEC cuts ... diminish, and as that diminishes, people are once more paying attention (to) the fundamentals and the heavy oversupply that we're seeing on the oil market, and that's really causing some downside pressure. Investors across Europe are taking cue from the downside we're seeing in London and, looking at the quite heavily overbought conditions that we're seeing in Europe, are taking that as a cue to take some money off the table.feedback

Greg McKenna

That's 22 weeks in a row that oil rigs have been added, a record run.feedback

Khalid al-Falih

In my opinion, market fundamentals are going in the right direction, but in light of the large surplus in stockpiles over the past years, the cut needs time to take effect, . Current expectations indicate the market will rebalance in the fourth quarter of this year, taking into account an increase in shale oil production. Markets determine prices but are themselves driven by unpredictable variables beyond the control of producing nations. Short-term volatility is mostly a reaction to short-term factors ... as well as the role of speculators in stock markets that increase market volatility.feedback

Khalid al-Falih

Most day to day fluxes in the market are automatic reactions to a number of short-term factors such as news headlines [and] forecasts of production from some sources that may not eventually materialize. In my opinion, market fundamentals are going in the right direction, but in light of the large surplus in stockpiles over the past years, the [OPEC-led] cut needs time to take effect.feedback

Khalid al-Falih

The market often tends to ignore these criteria and focused on the drop in U.S. inventories that came below expectations.feedback

Colin Davies

In terms of the time horizon, the economics of the Permian are so good they are going to keep on drilling.feedback

Daniel Yergin

Those are the two things that are defining the market right now.feedback

Daniel Yergin

For both sides, there has been one twist in the road after another.feedback

Badr Jafar

It remains to be seen if drilling can continue at the same pace in a sub-$50 environment once price hedges expire. But if it does, I believe OPEC producers will have no choice but to revert to preservation of market share once again, which could see prices nose-dive. And the cycle will continue.feedback

Badr Jafar

The unexpected resilience and revival of US shale production is already frustrating Opec's efforts to draw down global stocks, and threatening its market share at the same time. But if it does, I believe Opec producers will have no choice but to revert to preservation of market share once again, which could see prices nose-dive. And the cycle will continue.feedback

Fadel Gheit - Oppenheimer Holdings

Nobody wants to come to grips with the fact the days of $70 and $80 oil are over. The shale producers continue to cut costs, and that gives them the hope to survive. But if oil prices don't rise significantly from the current level, 50 per cent of the shale producers will go out of business.feedback

Gary Bradshaw - Hodges Capital Management

We'll have to see if these U.S. producers have the discipline to not go crazy and keep prices where they keep making money.feedback

Michael Roomberg

Margins will continue to be squeezed by a 15 to 20 percent increase in service costs in the Permian basin.feedback

David Stubbs

Numbers showing the supply-demand imbalance are pushing commodities to the downside. OPEC has been unable to control global production, and the situation in Qatar is showing it is not very united. If retail sales are weak then the pie is contracting and someone is going to get hammered. Those that are unable to deal with that are going to see a much weaker bottom line.feedback

Dave Tyrer

Today's latest move shows that Asda is once again leading the way in reducing the price at the pumps to help the millions of motorists across the UK. Our new national price cap of 111.7p per litre on both unleaded and diesel will be welcomed by the millions of drivers who will be starting to plan their summer holidays.feedback

Luke Bosdet

Cheaper fuel at 4p a litre below than the national average has paid dividends for the supermarkets by maintaining their sales volumes while others' have dropped. This may pull back the customers who have been going to non-supermarket forecourts for top-up shopping combined with a fuel stop.feedback

Jim Cramer

Second, while it's true that the OPEC production cuts haven't done enough to stem the glut – in fact U.S. production, barrel for barrel, is making up for whatever's been taken out – the demand for oil is not declining as the bears would have you believe.feedback

Oystein Berentsen - OPEC

Chinese demand is slow … so we have a build-up of crude in Asia where demand seems to have slowed for now.feedback

Brandon Michael - Robert W. Baird & Co.

It was a bloodbath today. No matter what OPEC is doing, these shale producers are just proving to be very persistent and keep on pumping oil out.feedback

Michael Tran - RBC Capital Markets

A lot of producers held back on locking in hedges in the first quarter because Opec cut their historic deal and they thought there would be a linear shift higher in prices. But then, we saw several pullbacks.feedback

Greg McKenna

It's the only statistical proof the market can get to confirm or deny OPEC's claim the market is heading back toward balance.feedback

Lynn Helms

The markets are watching to see if U.S. shale production offsets OPEC cuts keeping crude oil inventories high.feedback

Rob Thummel

Producers are working in an environment where they see service cost increases on the horizon. They see their expenses going up, but their revenues are not going up correspondingly, which is why they do not want to hedge and compress their margins.feedback

Bill Costello - Westwood Holdings Group

I think companies are a little bit nervous that they are underhedged right now and they will try to take advantage of any hedging opportunity they get at about US$50 per barrel.feedback

Stephen Brennock

With the typically tighter second half of the year fast approaching, rumors of oil prices having found their bottom are doing the rounds. Yet such claims are premature as lingering doubts that prolonged OPEC curbs will drain the oil glut along with the simultaneous uptick in the US, Libyan and Nigerian output make for a bearish cocktail.feedback

Olivier Jakob - Petromatrix

When you start to approach $45 a barrel in WTI, you are in an area where you do find some price support and I think there has been some evidence last week of investment flows coming back into crude oil. You have to be careful not to be too optimistic for now. Physical differentials are still under pressure and the time structure is still under pressure in Brent. It is a bit premature to call for much higher oil prices.feedback

Alexander Novak

As of today, (oil) supply is exceeding demand, and we see that global inventory is dropping, but to ensure a true market balance, it is required that the inventory drops down to the five-year average, and we are sure that it will happen in the next few quarters, probably, by the end of the first quarter of the next year.feedback

Alexander Novak

Therefore, these shale production increases, we foresaw that. Today we have to monitor the situation, and analyze the current developments. In my opinion, the deal is highly effective, and as for shale production recovery, we have to monitor it.feedback

Alexander Novak

We believe that this conflict should be resolved via political means, and we do hope that this conflict in the Middle East will be reconciled, because, really, for the sake of the market and further cooperation expansion on the part of the Persian Gulf a stable and normalized situation is required.feedback

John Kilduff - Again Capital

Our market seems to be getting some support from this situation even though we're obviously not a big exporter of LNG, it does seem to be a rally in sympathy of what's going on in that market and in Europe. It only highlights a real bright spot for U.S. natural gas producers as we ramp up our export capacity. U.S. shale producers of natural gas are getting ready to do to the global gas market what U.S. shale oil producers have done to OPEC.feedback

Matt Smith

I think we get too much buying interest coming in because there's demand coming through.feedback

Bassam Fattouh

In terms of Opec, Qatar is a very small player. Opec has had worse conflicts in past.feedback

Andy Lipow - Lipow Oil Associates

The market is catching its breath after the inventory report which, as far as the oil market was concerned, stunk. The market continues to be impatient with the OPEC and non OPEC cuts and is looking for more data world wide that inventories are indeed falling.feedback

Philip Petursson

It sheds light on the challenge that the oil markets are facing. OPEC can cut, but it is having very little impact on the overall price as the U.S. is offsetting production cuts out of the Middle East with production increases of its own. When we look ahead into Q2 and Q3 earnings growth, they look very robust.feedback

David Madden - IG Asia

The oil market has been in decline since the OPEC announcement last month, and now that U.S. stockpiles are rising, we may see a continuation of the decline.feedback

Michael Hewson - CMC Markets

This appears to have raised concerns that this could cause the current OPEC deal to fracture, and while Middle East tensions are never a good thing, in the grand scheme of things a fracture seems unlikely given how small Qatar's oil output per day actually is, around 730k a day.feedback

Chad Morganlander

We believe oil will continue to hit lower lows because of not only global growth issues, but also the deal with OPEC. We don't believe it's going to solve the problem.feedback

Jameel Ahmad

It would be premature at this stage to suggest that this development could have an impact on the Opec deal, but a potential risk to monitor might be that Qatar will view this as being provided with less encouragement to comply with the agreed production quota. However, this is completely hypothetical however at this stage. In the instance that this did occur, or if other producers included in the Opec agreement diverted away from the production quota,then this would be seen as having negative connotations on the price of oil.feedback

Olivier Jakob - Petromatrix

I think it's still going to be a bit of a debate on the true impact it can have on the oil market. In terms of oil flows it doesn't change very much, but there is a wider geopolitical impact one needs to consider.feedback

Daniel Hynes

On the face of it, it could present a risk, but I don't think there is too much in the Qatar situation. Geopolitical risks haven't really been that influential in recent times and I don't think that will change too much.feedback

Daniel Hynes

The extension of Opec cuts has provided a fairly solid support level for Brent around US$50 a barrel, so anytime it dips below that, I think we'll see buying come back fairly quickly.feedback

Virendra Chauhan

There is not much geopolitical risk premium priced into oil right now, (but) if tensions do ratchet higher between the key members of the Organization of the Petroleum Exporting Countries (Opec), like Saudi Arabia, Iran and Iraq, then the market will start paying attention to this.feedback

Igor Sechin - Rosneft

Well, if the question is how OPEC is going to exit from these arrangements abruptly, we will also be prepared. If something goes wrong, we will not let them occupy our markets. We'll defend ourselves.feedback

Jim Cramer

Crude's come under pressure any time we get a big jump in rigs. Why does it matter so much? Because each rig can produce a ton of oil and whatever OPEC tries to keep off the market has been more than made up by our own oil companies in shales like the Permian in Texas, SCOOP and STACK in Oklahoma and the Bakken in North Dakota.feedback

Ole Hansen - Saxo Bank

Why start talking about 'exit strategy' nine months ahead? That is clearly what they are counting on. That the data will start to provide the support that they've been looking for the past two years.feedback

Sukrit Vijayakar

We may or may not see more huge draws. But crude production is slowly but surely going to neutralize the (OPEC-led) production cut.feedback

Jeffrey Halley

This could lead to a drilling free for all in the U.S. and also see other signatories waver in their commitments, . This outcome could increase the supply-side equation from the United States and complicate OPEC's forward projections. A scenario that would not be favourable to oil prices.feedback

Jonathan Barratt

I see the little connection between oil markets and the Paris accord. I think the market is looking for swing factors like an increase in demand from China.feedback

Sabine Schels - Bank of America Merrill Lynch

People will come back into the market and we may also see availability of mine sand go up later this year or in early 2018. So there will be cost inflation, but not that much.feedback

Michele Della Vigna - Goldman Sachs Group

We think it's a broad renaissance of shale led by incredibly cheap credit, with even sub-investment grade [exploration and production] companies today borrowing at just 7 percent on the high yield market.feedback

Daniel Yergin

I think that's the kind of viewpoint OPEC took, that they've got to run this thing into next year.feedback

António Guterres - United Nations

Climate change is undeniable. I urge all the governments around the world to stay the course, to remain committed to the implementation of the Paris Agreement to the benefit of all of us. And in relation to U.S. society, I am deeply convinced that states, cities, the business community, the civil society, will also remain engaged, will bet on the green economy.feedback

Doug King - RCMA Asset Management

In my opinion, they should have done a deeper cut for a shorter period of time to ensure the inventory decline happened right now. The trouble with drawing it out is there are too many unknowns. It was the wrong deal, but can still ultimately work. The key is to see how quickly crude inventories in particular will decline over the next few months.feedback

Alan Gelder - Wood Mackenzie

There needs to be evidence the drain is taking place, which we think will become increasingly apparent as we go through this year. The challenge then becomes: do you keep volumes off and then how do you return them? If there is a sudden return, that would have all the negative pricing consequences of a large jump in supply and psychology.feedback

Paul Horsnell - Standard Chartered

OPEC went out of their way to ensure no one was surprised and then you get a market that wanted to be surprised. It is highly dependent on what happens in the next nine months. U.S. shale isn't going to fill in the gaps forever, but going directly on the (market) response to the meeting, is it enough? You always have to add a second bit – which is 'enough to do what?' And for that you have to do the balances.feedback

Scott Shelton - Icap

This was a bullish report. It's what the market needs to get a little more excited about prices. I don't think this is going to be the end of it, I see the draws increasing from here.feedback

Andy Lipow - Lipow Oil Associates

I expect we're going to see new records set over the next six months as U.S. production continues to ramp up ... OPEC has become the swing producer of the world because other producers have figured out how to lower their costs and increase their efficiency and get more oil out of the ground profitably at $50 ... OPEC needs to just grit their teeth and wait for world oil demand to soak up the oversupply. They're going everywhere, they're going to Europe. They're going to Asia.feedback

Andy Lipow - Lipow Oil Associates

What we've seen is that a lot of the increase in domestic production has been accommodated by an increase in refining capacity, making the U.S. a major gasoline and diesel supplier to world markets. U.S. refiners have added over 800,000 barrels a day of capacity since January 2015 and they're using it.feedback

John Kilduff - Again Capital

We know anecdotally that Asian buyers have been procuring supply deals with U.S. suppliers over the last several months. There's actually been worries among Asian buyers that the OPEC deal would impact them and they've been picking up these purchases. That includes China, India and to a lesser extent South Korea.feedback

Matt Smith

We didn't see that high a volume. We're not sure the methodology of the EIA. We saw it a little bit lower. We saw it at 850,000. We track the Gulf Coast cargoes and some flows by pipeline as well. We're seeing it at about 850,000, all told. the EIA export number is fairly good when it's averaged out. On a week-to-week basis it is extremely volatile. It's potentially due to an extra cargo or two that bumped up that number.feedback

John Kilduff - Again Capital

U.S. producers are stepping up to fill the gap left by OPEC and other non-OPEC producers. It's going to a number of locations but increasingly Asia, where the real global battle for market share is on.feedback

Gene McGillian - Tradition Energy

There are signs that the 1.8 million barrel cut is not really what the market is feeling because of rising production in the U.S., Libya, Nigeria and even the North Sea. The worry is that you have rising output in the U.S. and that's going to offset cuts.feedback

Mohammed Barkindo

It (the volatility) is largely I understand due to some automated trading models and some expectations on what we should do or should not do but we will not be disrupted because we firmly believe that the extension of the declaration of cooperation to the first quarter of next year is in the best interest of all producers and consumers and you can see that the fundamentals are gradually but steadily improving. The oil price has not been our focus, as you know – as a matter of policy. We focus on fundamentals and we do not want to be distracted from that in order to stay on course.feedback

Mohammed Barkindo

We are continuously reviewing market fundamentals and you cannot at this moment rule out any further policy decisions. The level of volatility in the market has been of concern not only to us in OPEC but also to the non-OPEC as well as the consuming countries … I think going forward we are on course - along the way, you may have some bumps here and there as a result of other factors that may not necessarily be related to the fundamentals – but in general we are on course to achieving our objectives.feedback

Alexander Novak

If minister Al Falih says something, I know it will be done. It is necessary to work out new framework principles for continued cooperation between Opec and non-OPEC even after the expiration of the Vienna agreements.feedback

Alexei Texler

My forecast for next year - 547-551 million tonnes - depends on how smooth the exit from the agreement is.feedback

Alexei Texler

Thanks to the profit-based tax, we expect that the fields covered will see an increase in production of up to 20 percent over the next five years.feedback

Nick Coleman - S&P Global

OPEC is competing internally for the Asian market and they are seeing a lot of oil coming from new sources into Asia from the U.S., from the North Sea, from Kazakhstan. Can these individual OPEC countries really maintain their oil production constraint at the risk of losing market share in Asia?feedback

Paul Simons

Both Russia and the Gulf countries are interested in some type of oil price stabilisation and they hope that they can achieve this without undertaking a sort of massive cuts which they had to do back in the 1980s.feedback

John Kilduff - Again Capital

They covered just before the meeting and that enabled them to have the dry powder to go in and attack once this news came out.feedback

Gene McGillian - Tradition Energy

There are really mounting concerns about the excess supply in the world and the ability of the agreement to whittle that down. We're getting Libya, Nigeria and the North Sea poking their heads up. Are the bears really going to be convinced as we approach the $45 area that they were going to be in a position to see global inventories going down?feedback

Bart Melek - TD Securities

The key issue is it hasn't really been able to manifest. If you believe what Saudi Arabia said, they're going to try to target the inventories in the U.S., and there will probably be steeper declines because they're going to limit their exports.feedback

John Kilduff - Again Capital

There were official statements about production from the Libyan National Oil Co., and that validated it with the market.feedback

Greg McKenna

Libyan and shale oil production seems to have occupied the mind of traders overnight. That's consistent with my sense that this is all about inventories and the associated supply overhang in crude oil markets at the moment.feedback

John Kilduff - Again Capital

The game of chicken between them and the market is back on again. The meeting was much more of a failure than people realize because of what wasn't achieved. There are no caps on production for Libya, or Nigeria, or Iran.feedback

Ole Hansen - Saxo Bank

It's the sum of all the negatives that have emerged since last week's OPEC meeting. Traders covered short positions ahead of OPEC and some of these have now been re-established.feedback

Tamar Essner - Corporate Solutions

The key question will be whether the next round of OPEC cuts results in actual curtailment of exports since that will obviously be much more impactful for global prices. Much of the low hanging fruit of compliance has been done and so by reducing production, especially during the high demand summer months, we would need to see a more meaningful reduction in exports in the second half the year in order to be more constructive on prices.feedback

Vladimir Putin

We support political contacts, contacts between defence ministries, we work together on sorting difficult situation, including in Syria.feedback

Dominick Chirichella - Energy Management Institute

The market is now in the hands of how market participants interpret the weekly and monthly fundamental snapshots with all eyes focused on total global oil inventory levels. The market is looking for the OPEC/non-OPEC production cutting accord to result in a sustained inventory destocking pattern that will send global supply and demand balances back to normal historical levels.feedback

Vladimir Putin

We are grateful to you for your ideas and the joint work between OPEC and the countries which are not part of the cartel. We support political contacts, contacts between defense ministries. We work together on sorting out difficult situations, including in Syria.feedback

Mohammed bin Salman

The relations between Saudi Arabia and Russia are going through one of their best moments ever. We have a lot of common grounds. As far as our disagreements are concerned, we have a clear mechanism of how to overcome them. We are moving forward quickly and in a positive way. The most important thing is that we are succeeding in building a solid foundation to stabilise oil markets and energy prices.feedback

Greg McKenna

It is going to be all about inventories and whether they fall as much as OPEC thinks.feedback

Carsten Fritsch - Commerzbank

They increased expectations to such an extent that nine months was a disappointment. The pain for OPEC will increase to such a point that 100 percent compliance is unrealistic.feedback

Ryan Sitton

Texas shale producers forced Opec to extend its oil production cuts for nine months. Less Opec oil on the market enhances the opportunity for American energy to fill needs around the world, and will help us achieve energy dominance.feedback

Michael Hsueh - Deutsche Bank

At this pace, it will not be until at least the end of 2018, or indeed, 2019, when surplus inventories can be eliminated. This is much later than Opec has said it believes, with some ministers suggesting that the end of 2017 or even the third quarter of this year is a possible date.feedback

Igor Yusufov

Russia is always interested in higher prices, and the higher the better. But Russia will never become a member of OPEC.feedback

Vladimir Milov

It was a conditional memorandum. We not only did not fulfill the cuts, but actually increased production. OPEC was very angry.feedback

David Purcell - Tudor, Pickering, Holt & Co.

OPEC looks at shale and it scoffs. There is a rational skepticism globally, but it misses the mark.feedback

Bjarne Schieldrop - SEB Bank

As a consequence of the extension of the cuts, we are likely to see a more supportive oil price and yet more U.S. shale oil rigs being added to the market over the coming nine months. In our view, this is likely to flip the global supply/demand balance for 2018 and 2019 into surplus.feedback

Bijan Namdar Zanganeh

I have been in OPEC close to 20 years. It's the first time that I witness 100 percent compliance (with cuts) from OPEC and close to 100 percent from non-OPEC. It's strange. I don't know why (the market crashed).feedback

Amrita Sen

OPEC oversold the meeting to the market way too early.feedback

Bijan Namdar Zanganeh

For all OPEC members, US$55 (per barrel) and a maximum of US$60 is the goal at this stage. So is that price level not high enough to encourage too much shale? It seems it is good for both.feedback

Amrita Sen

I think the market now, given that they announced the nine months already a few weeks ago, is expecting something a little bit more, maybe deeper cuts, maybe at least keeping the door open possibly for more cuts if inventories don't fall.feedback

Olivier Jakob - Petromatrix

It is a disappointment that OPEC hasn't done more to balance the markets. A nine-month extension of the output cuts is already baked into prices. This shows there's not much more OPEC can do.feedback

Gary Ross

Russia has an upcoming election and Saudis have the Aramco share listing next year so they will indeed do whatever it takes to support oil prices.feedback

Daniel Yergin

I think OPEC is actually back in business [but] as a swing producer. Three years ago, U.S. shale producers needed to see per-barrel prices much higher to competitive. But it's been so innovative. It's almost like we're looking at Shale 2.0. It's almost a different industry than it was three years ago. Next year, we actually think U.S. oil production won't increase as much because they've increased so much this year. I think that's the kind of viewpoint OPEC took -- that they've got to run this thing into next year.feedback

Yasushi Kimura

This is a declaration of a strong will of OPEC as well as non-OPEC producers to tighten overall supply-demand. In 2017, global demand is likely to exceed supply ... and crude prices are likely to ... rise towards $60 by the end of the year.feedback

James Williams

Hopefully driving season picks up. Hopefully the market is saved by the U.S. driver this Memorial weekend.feedback

Antoine Halff - International Energy Agency

I think it was kind of a knee jerk reaction, I don't think it was anything meaningful.feedback

Emmanuel Ibe Kachikwu - OPEC

If we get to a point where we feel frustrated by a deliberate action of shale producers to just sabotage the market, OPEC will sit down again and look at what process it is we need to do.feedback

Carlos Perez

We had a discussion on (shale) and how much that has an impact. But we have no control over what the U.S. does and it's up to them to decide to continue or not.feedback

Nelson Martinez

In terms of the threat, we still don't know how much (U.S. shale) will be producing in the near future.feedback

Craig Erlam

With this kind of momentum and almost two weeks to go until the vote, not only is this not going to be the breeze that May anticipated when she called the snap election last month, it could yet turn into a humiliating defeat for the Conservative leader and her party. Coming on the back of losses yesterday, it's turning into a rotten end to the week for the pound.feedback

Mike van Dulken - Accendo Markets

A flat opening call comes after more record highs on Wall St and despite a negative session to close the weak in Asia. The FTSE outperforms peers thanks to overnight GBP weakness that helps offset oil prices -6% as traders are left underwhelmed by the OPEC decision. The negative oil reaction to a 9-month OPEC production cut extension is a prime example of 'buy the rumour, sell the fact'. With nine months having become the baseline - prices +17pc in the run-up, hoping for longer and maybe even deeper cuts - potential for an upside surprise was already limited.feedback

James Woods - Rivkin Securities

This seems like a clear case of buy the rumour, sell the fact, which was touted to be the reaction.feedback

Mike Archibald

Regardless of what OPEC does, U.S. shale producers can produce at these prices or lower, so that is going to continue to put an upward cap on the energy price.feedback

Bhushan Bahree - IHS Energy

OPEC has used Band-Aids to get through crises of the moment. It's not clear they are willing or able to address the larger issues of the global market.feedback

Ryan Sitton

Texas shale producers forced OPEC this morning to extend its oil production cuts for nine months. Less OPEC oil on the market enhances the opportunity for American energy to fill needs around the world, and will help us achieve energy dominance. The days of OPEC using oil supplies and prices as a political weapon are gone.feedback

Simon Derrick - Bank of New York

The talk in the last 24 hours was it going to be a 9 month extension (to oil production cuts) so you can make a reasonable enough argument that everybody was positioned for it, . That said, I think it (the move) is more to do with a short term dollar bounce.feedback

Alexandra Russell-Oliver - Caxton and CTP Publishers and Printers

Some of those (hawkish) expectations were a bit disappointed following the minutes and we've seen the dollar ease off since. That's also because it's been quite vulnerable recently.feedback

Tamar Essner - Corporate Solutions

In order for investors to buy in, they're going to have to see that materialize.feedback

Jacques Rousseau - Clearview

The important thing to consider here is that the world uses about 2 million barrels per day more oil in the second half of the year than the first half of the year, so if you're ever going to impact supply-demand, the second half of the year is the time to do that.feedback

Johannes Benigni - JBC Energy

The Iranians don't yet have more volume to offer so they must be very happy with this on the table. For the Iraqis it is more of a question mark because they could do much more - so for them not to do it is like – really?feedback

Johannes Benigni - JBC Energy

OPEC now giving a signal they're going to 2018 is great but you will see they have to roll on with their cuts. They will have to go to the end of next year and beyond. This supply response is a little bit of a risk for OPEC so if prices go really up it may not be in their interest. Up to now, Russia managed very well with maintenance of their fields to basically make a natural cut but going forward they have much more potential. For them now not to produce as much as they can is very difficult to do.feedback

James Woods - Rivkin Securities

This (extension) has been highly factored into the price of oil, and at this stage it is unlikely that we will see a deepening in the level of production cuts, with OPEC officials preferring to wait and see the impact of an extension in helping rebalance the market prior to taking any more drastic actions.feedback

Jason Schenker - Prestige Economics

If you wanted to know where the downside risk is, it is not in OPEC's decision or in U.S. driving demand or in global inventories rebalancing. I think China is the big source of concern. If China weakens further, that poses downside risk. But if we see the rebound in the (China Caixin Manufacturing Purchasing Managers Index) and we see Chinese manufacturing PMI as a proxy for global growth improve, then we see some upside potential here.feedback

Helima Croft - BC Capital

It's a combination of political and economic priorities coinciding with wanting to have a better technical fundamental outlook for oil.feedback

Michael Rothman

When you put everything together, the fact is OPEC's taking a million and a half a day out of supply from the market since November. That's 45 million barrels a month. That to me looks like that's enough to swing the balance and get us into a much lower inventory level later in 2017.feedback

Robert Pavlik

The markets are taking the Fed's comments on how they plan to unwind the balance sheet as a positive.feedback

Katie Stockton

Short-term upside is likely greatest for small- and mid-cap stocks given their relatively oversold position.feedback

Amrita Sen

Nine months was priced. We thought the market would sell off if it was just (an extension of) nine months.feedback

Khalid al-Falih

We would do it in six months but then we'd have a seasonal build [of supply] in the first quarter which could undo what we've done so we went for the safe bet of extending to nine months.feedback

Khalid al-Falih

It seems highly likely, although we can never be certain until the decision is made, that we're going to roll over with the same terms over a nine-month period.feedback

Michael Hewson - CMC Markets

The prospect at the end of last month that an agreement might not happen saw oil prices hit their lowest levels since the end of November, so anything short of a nine month extension is likely to fall well short of market expectations. There is also the prospect that even if we do get what markets expect oil prices will slide back anyway, given that we are already well over 10pc above the lows seen at the beginning of the month.feedback

Bill Farren-Price

OPEC is being caught in a pincer movement of technology and policy that will, over time, erode oil use. This meeting is more about forestalling an oil price collapse than driving prices higher.feedback

Dieter Helm

Everything is gradually going digital and everything digital is effectively electric. Transport will not escape this trend.feedback

Roger Diwan - IHS Energy

The higher the price goes, the more shale operators accelerate production, and the more OPEC has to cut.feedback

Bijan Namdar Zanganeh

We think, based on the consultations we have had and the reports we have received, it's a unanimous idea to continue the cut we decided in December. It's important for OPEC and non-OPEC participants in the agreement to comply fully. It's very important. Now we have had very good compliance. We need to comply with this decision for any period of time.feedback

Alexander Novak

The recommendation is to keep current quotas. The duration is 9 months. Tomorrow we will discuss a possibility of extension by another three months (to June 2018).feedback

Tom Albanese - Vedanta

My own sense is that for the oil industry, some discipline by OPEC is probably a good thing. It keeps prices in a more stable position and it will allow the global oil industry to continue its own reinvestment.feedback

Michele Della Vigna - Goldman Sachs Group

Last year, the Chinese were very tactical, buying a lot of oil when it was very cheap.feedback

Helima Croft - BC Capital

Once we had the Russia and Saudi announcement a week ago, the expectation is that we will get a nine-month extension as opposed to a six-month extension. I'm a little bit concerned if we just get a nine-month extension without a deeper cut it would kind of be a nonevent for the market. The argument is that you need to go beyond Q1 of 2018 to get inventories below the five-year average. That was the sort of surprise announcement that came out a week ago, but that puts a lot of pressure on this meeting.feedback

Amrita Sen

A lot depends on this meeting, at least in the wording, . Even if they (OPEC) don't do extra cuts, it's very important to come out and say: 'Look, we are going to concentrate on the exports', and not just say it, actually do it.feedback

Virendra Chauhan

It seems of the 0.5 million bpd production growth this year, 0.4 million bpd will come from large oil companies ... that are less sensitive to factors such as the curve shape.feedback

Fawad Razaqzada - Forex.com

With the U.S continuing to win market share by producing more oil at lower price levels, the global supply excess will take a long time to eradicate.feedback

Sushant Gupta - Wood Mackenzie

This (stocks decline) is a bit tricky as production cuts cause higher prices which will incentivize more production for the U.S. shale oil and reduce the impact of the production cuts. So it's a bit cyclical.feedback

Harry Tchilinguirian - BNP Paribas

With oil stocks nowhere near OPEC's self-assigned objective of the recent five-year average level, an extension of cuts seems all but a forgone conclusion.feedback

Mike van Dulken - Accendo Markets

A mildly positive opening call comes as investors weigh up Moody's credit downgrade for China on debt sustainability concerns, a lukewarm reception for Trump's first budget (does it all add up?) as well as rising optimism ahead of tomorrow's OPEC meeting (especially after more favourable US inventory data) and news of potential M&A in the soft commodity sector.feedback

Carsten Fritsch - Commerzbank

Congress needs to agree to this which is rather uncertain. But of course, it could weigh on the back end of the forward curve.feedback

Michael Tran - RBC Capital Markets

If you're bringing oil back into the market, that's going to pressure prices in the longer run. It dampens or mutes any swift moves to the upside given that selling SPR barrels will be lumpy in nature going forward.feedback

Holbrook Working

Elevator operators who hedge must depend chiefly on spreads between futures for profits from the storage of wheat. The elevator operator has little inducement to carry heavy wheat stocks into the new crop year unless September wheat is selling or is expected to sell at a higher price than July wheat.feedback

Holbrook Working

The difference between the price at which he buys in his hedge in the July future and the price at which he replaces it by sale of September wheat provides the elevator his chief or only return for storage of wheat.feedback

Harry Tchilinguirian - BNP Paribas

It has been some time since we had such a strong consensus going into an OPEC meeting. Despite a supply cut extension being factored in by the market, oil prices have made only modest progress. It may take more than an extension to rekindle bullish spirits.feedback

Aldo Flores-Quiroga

Stable markets help provide a stable framework for investment, and that helps Mexico.feedback

Virendra Chauhan

The U.S. has likely become more sanguine when it comes to having a very large SPR holding, given lofty medium term forecasts for the Permian basin.feedback

Neil Atkinson - Lloyds Bank

The difference is today very few countries could significantly increase their production even if they wanted to.feedback

Joseph McMonigle

They have to renew, otherwise prices would collapse. Some people are floating, Oh there could be deeper cuts.' That's nearly impossible for most Opec members, even the Saudis.feedback

Joseph McMonigle

A big macro change is the Aramco IPO driving Saudi policy.feedback

Neil Atkinson - Lloyds Bank

The first imperative for the Saudis [with last year's deal] was they needed to bring some order to their finances. But as far as Saudi is concerned, yes, the Aramco IPO is a factor.feedback

Alan Gelder - Wood Mackenzie

Deepening cuts requires almost a renegotiation [on last year's agreement], whereas an extension is relatively administratively easy to do. What you can say is the role of US tight oil has reduced the influence of Opec. But Opec still has a significant influence.feedback

Neil Atkinson - Lloyds Bank

There may be constraints, be it availability of equipment and crew.feedback

Essam al-Marzouq

He (Falih) has talked to several countries including Norway, including Turkmenistan, including Egypt, and they have made signs of their willingness to join the collaboration.feedback

Igor Sechin - Rosneft

Restrictions (under the OPEC deal) are mainly applied to greenfields. We will maintain mature fields as they are and won't cut production there. Our priority will be maintaining mature fields.feedback

Dharmendra Pradhan

Gone are the days of market stability for consumers. Now, producers seek market stability.feedback

Helima Croft - BC Capital

I think this is the big holdout country because Oil Minister Luaibi didn't really want to do the deal in November. He was calling back to his prime minister saying we can't take the second largest cut in OPEC. He's complained about the deal ever since, saying Iraq should've been exempt in the fist place.feedback

John Kilduff - Again Capital

Going to Iraq to shore up support and push not just for six months but to push for nine months is getting the attention of the market. There are rumors that they want out of the deal. They want an exemption like the Iranians.feedback

Peter Cardillo - First Standard Financial

While the headlines of the Trump visit are overshadowing the geopolitical and domestic political concerns, oil prices are moving higher ... on OPEC expectations. We see a cautious trading session ahead as investors warm up to commodities.feedback

Bjarne Schieldrop - SEB Bank

The decision (to extend cuts) seems to be almost a done deal. There seems to be a very high harmony in the group. If you cut production, it's no free lunch. You get something in the short term, but you get a backflip in the medium term, which is more production in 2018 and 2019.feedback

Helima Croft - BC Capital

Getting Iraq on board is going to be interesting….I think Iraq in the end will get on board but they might make it difficult along the way. If you want a price rise they're probably going to have to go deeper. Do you roll over 1.8 million barrels or do you throw in another 500,000? That's how you'd move in significantly higher coming out of OPEC.feedback

Majid Jafar

The key issue is actually what's happening in the U.S. The kickstart of the shale oil production there is faster than anybody thought…, you're seeing it in the rig count, you're seeing it in the cost of production, they can drill wells at a third of the cost and in a third of the time now. The key question not always in focus is China. What's really going on with their growth? Indian growth of oil demand is even faster than China's now. There needs to be a little more focus on the demand side as well to truly get a view of the overall picture.feedback

Alvin Tan

Last week was all about U.S. uncertainty but we have had a reminder that Europe still has plenty of uncertainty too.feedback

Monica Malik - Abu Dhabi Commercial Bank

The fiscal situation is going to remain challenging, especially in the context of an economy that has slowed. The government is going to have to pick up spending to support growth and diversify the economy, and for this it needs high revenues. They need to see oil prices at the very least at current levels.feedback

Mike van Dulken - Accendo Markets

A positive opening call comes after a Wall Street relief rally on Friday suggested investors putting last week's political chaos behind them. Asian counterparts have also made a solid start to the week, buoyed by continued optimism towards Oil and Thursday's OPEC meeting delivering a production cut extension and a hitherto un-eventful Trump visit to the Middle East.feedback

Asim Jihad

The two ministers will discuss boosting bilateral relations and the upcoming OPEC decision to help boost global prices and reduce the glut in the market.feedback

Mohammed Barkindo

What we did is history. It's a complete turnaround, a new chapter. Bringing a broad coalition of global producers to agree on supply adjustments…that's the way forward.feedback

Jamie Webster

OPEC's attempt to regain power via a super-OPEC may be a smart strategic move. It's hardly the recipe for a strong organization that can effectively exert itself through market downs and ups.feedback

James Woods - Rivkin Securities

The potential for deepening cuts remains limited... (as) officials are likely to monitor the impact of an extension of the cuts before they resort to such action.feedback

Michael Cohen

It's been our contention that they'll roll over their cuts and compliance may not be as high during the summer when a lot of the OPEC countries have summer demand needs. It's going to be very difficult for many of these OPEC countries, especially Saudi Arabia to agree to extend the cuts beyond the December time frame without an agreement from other non OPEC countries to comply. I think it's got to be difficult for countries like Russia and Kazakhstan to agree to keep their output under wraps.feedback

Tony Atti

Interest rates inched up, which satisfies those who own the bank stocks, gives you hope [that] maybe there are a couple rate hikes coming. Deere put up such good numbers this morning that anything related not just to agriculture but to construction equipment soared. The oils came alive with pleasure over OPEC short-selling badmouthing and natural gas garnered fans thanks to the heat.feedback

Richard Mallinson - Energy Aspects

I don't think it does on its own. I think we're heading in that direction with the OPEC deal and rebalancing more widely but in terms of Iran the question is now really can its exports grow from current levels, can they stay at current levels or do they actually fall back? If the deal collapses they fall back - not all the way down to the 2012/2015 levels but they would have to come off a bit as some European buyers would get more nervous.feedback

Amrita Sen

People were impatient and thought we'd start drawing 10 million barrels a day since the first week of January. We're still in excess, and there's lots of inventory around.feedback

Chris Bake - Vitol

This 550 million barrel-plus inventory build of crude and products that started in 2014 is still very much there. How much is going to come out? That is an ongoing debate among all of us.feedback

Geoff Dennis - UBS

After being the best-performing EM sector in 2016 (up 32.5 percent versus up 8.5 percent for MSCI GEMs), Energy has fallen right to the bottom of the EM sector performance rankings this year, with a gain of only 4.9 percent, while MSCI GEMs is up 16.2 percent. We would not lose faith in the EM Energy sector. We stay overweight and advise investors to selectively re-build positions in the sector.feedback

Neil Atkinson - Lloyds Bank

If, as a scenario and not a forecast, the current (OPEC) output cuts were to be extended for the rest of 2017, oil stocks would start to fall quite sharply… but because they are falling from such a great height, they won't get down to the five-year average until much later in the year and possibly not then.feedback