And it is Groundhog Day again, as the OPEC rumor-mill gets cranked up once more. Fortunately we get the welcome distraction of an inventory report tomorrow, while some respite follows that in the form of Thanksgiving. But for now, hark, here are five things to consider in oil markets today:
1) Looking for some sense in the current oil market kerfuffle, a seemingly timeless quote resonates from Ahmed Zaki Yamani, the Saudi oil minister from 1962 to 1986: ‘in the short run, oil prices are determined by politics, in the long run, they are determined by economics’.
2) As an OPEC agreement is seemingly edging closer to becoming a reality, it is worth considering who relies most on the cartel for their crude.
The top five destinations of OPEC crude account for