Oil prices are on the mend, but the global LNG market continues to wallow in oversupply.
The top forecasters for the oil market have repeatedly downgraded their estimates for demand. Absent a turnaround in global growth, the pitfalls for the oil market may only grow worse.
If it occurs, the production cut would be a dramatic about-face compared to six months ago, when Saudi Arabia and Russia signaled their intention to lift output to ensure the oil market did not overly tighten.
The Iran nuclear deal has sweeping implications for oil markets, reigniting tensions within OPEC, contributing to global oversupply, and potentially encouraging Iran's regional rivals to pursue nuclear weapons of their own.