In combination with robust U.S. shale oil production, the wild cards of Libya, Nigeria, and Iraq could force OPEC and its allies to go back to the drawing board.
Between now and OPEC's next meeting in May, much more must be done in order to make sure the cuts are fairly distributed, slackers come around, and non-OPEC members stick to the deal.
Success and security over the long-term for Iraq depend not on only defeating ISIS soon but also on addressing new and unique priorities, lingering vulnerabilities, and old grievances, many of which are oil-related.
The biggest questions at CERAWeek this year is whether OPEC and its non-OPEC counterparts will recommit to throttling back in May and whether U.S. shale can fully offset these cuts and push down prices.
Nothing will change materially in the oil market until there’s a significant stock draw, a development that appears doubtful, which could ultimately force OPEC to change strategy once again.
Aggressive strikes as part of the Tidal Wave II campaign have had an undisputed impact on the entire ISIS oil supply chain.
The OPEC commission would examine whether the cartel’s behavior is designed to disadvantage U.S. oil producers and secure market power through anti-competitive behavior.
Despite Iraq's commitment to cutting total crude production, its exports are set to rise, and have already registered a sharp uptick to the United States.
OPEC agrees to its first production cut in eight years, reminding the market of its enormous power, but the ultimate impact of the cartel's action is far from certain.
Oil markets and analysts have been skeptical that a deal would emerge from this week’s OPEC meeting, following stonewalling from ministers and signals of willingness to walk away without a deal from Saudi Arabia. But cartel members struck an optimistic tone that a deal will be achieved today in Vienna, sending oil prices up by 6 percent.