• About
    • Which Energy Mix is this?
  • Climate News Network Archive
  • Contact
The climate news that makes a difference.
No Result
View All Result
The Energy Mix
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
SUBSCRIBE
DONATE
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
SUBSCRIBE
DONATE
No Result
View All Result
The Energy Mix
No Result
View All Result
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
  FEATURED
13 Canadian Fossils Linked to Massive Losses in Western Wildfires May 29, 2023
Out-of-Control Wildfire Burns Homes, Forces Evacuations Outside Halifax May 29, 2023
Hamilton Plans Heat Bylaw for Rental Housing May 29, 2023
UK Traffic Calming Strategy Produces Solid Results, Manufactured Anxiety May 29, 2023
Community Wind Farm Earns Support, Generates Income in German Village May 29, 2023
Next
Prev

Traders Doubt Talk of Oil Price Deal, Expect $40/Barrel Through 2017

February 19, 2016
Reading time: 2 minutes

Department of Energy/Flickr

Department of Energy/Flickr

 

Oil traders are showing little confidence in the international scramble to cut back on fossil fuel production, despite a meeting Tuesday in the Qatari capital of Doha where Saudi Arabia, Qatar, Venezuela, and Russia agreed to freeze their daily output at January levels.

By mid-day Wednesday, benchmark Brent crude prices were up less than a dollar, to US$33.05 per barrel, and investors were projecting prices in the range of $40 per barrel through the end of 2017.

  • The climate news you need. Subscribe now to our engaging new weekly digest.
  • You’ll receive exclusive, never-before-seen-content, distilled and delivered to your inbox every weekend.
  • The Weekender: Succinct, solutions-focused, and designed with the discerning reader in mind.
Subscribe

“Doha may have ended in an agreement, but it opens up more questions than it answers,” said analyst David Hufton of PVM Oil Associates. “All the meeting has done is highlight the difficulties in reaching any agreement. The market needs a cut, not a production freeze.”

Although Iran expressed support for the Doha agreement, agreeing on Wednesday to hold its own production at January levels, the country is still expected to dramatically increase output just weeks after the end of crippling international sanctions.

“An Iranian official, speaking before Wednesday’s meeting, said Iran would continue increasing its oil output to levels held before the 2012 trade sanctions imposed on the fourth-largest producer in the Organization of the Petroleum Exporting Countries,” Reuters reported later that day. “Tehran has been the main obstacle to the first joint OPEC and non-OPEC deal in 15 years, after its pledge to recapture market share lost to sanctions.”

Even if the major global producers come to a lasting agreement, global markets will face another challenge. “A sizeable, visible, and lasting cut would clearly send a bullish signal to markets— in the short term,” wrote analysts at Vienna-based JBC Energy. “But given U.S. shale players’ ability to bounce back, and U.S. investors’ desire to pounce amid a dearth of other opportunities, this could quickly re-stimulate production,” in which case “prices could arguably stay lower in the medium term.”



in Energy / Carbon Pricing & Economics

The latest climate news and analysis, direct to your inbox

Subscribe

Related Posts

sarnia josullivan.59/flickr
Ending Emissions

NET-ZERO BREAKTHROUGH? Hopeful Signs as Regulator Finalizes Energy Futures Report

May 17, 2023
623
David Mellis/flickr
Food Security & Agriculture

Climate and War, Pandemic and Profiteering Add Up to Global Food Crisis

May 17, 2023
170
falco/pixabay
Ending Emissions

GETTING IT DONE: Greenest Cities Shift Gears from Plans to Implementation

May 14, 2023
106

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

Trending Stories

Neal Alderson/Twitter

Out-of-Control Wildfire Burns Homes, Forces Evacuations Outside Halifax

May 29, 2023
1.9k
Martin Davis/Facebook

13 Canadian Fossils Linked to Massive Losses in Western Wildfires

May 29, 2023
254
York Region/flickr

Hamilton Plans Heat Bylaw for Rental Housing

May 29, 2023
160
pixabay

Anti-Mob Laws to Prosecute Fossils, Kudos for Calgary, 113M Climate Refugees, Orcas Fight Back, and a Climate Dictionary

May 29, 2023
185

Waste Heat from Quebec Data Centre to Grow 80,000 Tonnes of Veggies Per Year

May 29, 2023
67
Inspiration 4 Photos/flickr

Cooling Upper Atmosphere Has Scientists ‘Very Worried’

May 23, 2023
305

Recent Posts

Jörg Möller/Pixabay

UK Traffic Calming Strategy Produces Solid Results, Manufactured Anxiety

May 29, 2023
49
kpgolfpro/Pixabay

Community Wind Farm Earns Support, Generates Income in German Village

May 29, 2023
45
Pexels/pixabay

Engineers Replace Sand in Concrete with Disposable Diapers

May 29, 2023
23
Sol y Playa condo, Rincón, Puerto Rico

Storms, Sea Level Rise Intensify Conflicts Over Public Beach Access

May 29, 2023
34

U.S. Megadrought Brings Private Water Brokers Into Focus

May 28, 2023
34
FMSC/Flickr

Waive Debt to Unlock Urgently Needed Adaptation Funds, Researchers Urge

May 27, 2023
30
Next Post

UK's nuclear project falters again

The Energy Mix - The climate news you need

Copyright 2023 © Energy Mix Productions Inc. All rights reserved.

  • About
  • Contact
  • Privacy Policy and Copyright
  • Cookie Policy

Proudly partnering with…

scf_withtagline
No Result
View All Result
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities

Copyright 2022 © Smarter Shift Inc. and Energy Mix Productions Inc. All rights reserved.

Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}