OPEC front and center

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As OPEC members finally (finally!) gather in Algiers, market movement is set to be dictated by every word, facial expression and gesticulation – the like of which has not been seen since Janet Yellen in the last Federal Reserve meeting. Despite speculative short positions increasing in the latest data, a glimmer of hope for progress in Algiers is buoying prices. Hark, here are six things to consider in oil markets today. 

 

1) After the force majeure on Bonny Light was lifted earlier this month, the bombing of an oil export pipeline by militants has taken the grade offline once again.

As our ClipperData illustrate below, export loadings of Bonny Light had ramped up this month to their highest since March, before this latest set-back. Exports of Qua Iboe have also been completely absent this month. These two grades accounted for