{"id":1526,"date":"2018-03-14T19:33:06","date_gmt":"2018-03-14T19:33:06","guid":{"rendered":"http:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/?p=1526"},"modified":"2018-03-14T19:35:52","modified_gmt":"2018-03-14T19:35:52","slug":"opec-deal-doomed-as-u-s-eats-into-middle-easts-asian-market-ing-says","status":"publish","type":"post","link":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/2018\/03\/14\/opec-deal-doomed-as-u-s-eats-into-middle-easts-asian-market-ing-says\/","title":{"rendered":"OPEC deal doomed as U.S. eats into Middle East’s Asian market, ING says"},"content":{"rendered":"

By Seeking Alpha<\/a><\/p>\n

Brent crude oil could slide below $60\/bbl<\/a>\u00a0as a surge in U.S. shipments to Asia threatens to undermine the production cut deal between OPEC and its allies, according to ING analysts, in contrast to bullish views from Goldman Sachs and others who see prices supported as strong demand soaks up supply from the U.S.<\/p>\n

While OPEC has complied with its 2017 production pledge, U.S. flows that are gaining a bigger slice of the Asian market may cause some countries to increase supplies, which could drag down crude prices after a rally of more than 40% since June, ING says.<\/p>\n

\u201cThe longer the deal goes on, it\u2019s going to start falling apart,\u201d ING commodities strategist Warren Patterson tells Bloomberg. \u201cThey continue to give market share away to the U.S.\u201d<\/p>\n

Crude\u2019s rebound since last year is encouraging U.S. drillers to pump even amid efforts toward spending discipline, and as U.S. output continues to expand, more exports will sail to Asia, the traditional bastion of Middle East producers, Patterson says.<\/p>\n

Asia is \u201ca market that the Middle East does not really want to give up,\u201d Patterson says. \u201cWe think compliance is likely to slip. The deal will still officially be in place, but once we get into 2019 there\u2019s no chance that we will see some sort of deal.\u201d<\/p>\n

ETFs:\u00a0USO<\/a>,\u00a0OIL<\/a>,\u00a0UWT<\/a>,\u00a0UCO<\/a>,\u00a0DWT<\/a>,\u00a0SCO<\/a>,\u00a0BNO<\/a>,\u00a0DBO<\/a>,\u00a0DTO<\/a>,\u00a0USL<\/a>,\u00a0DNO<\/a>,\u00a0OLO<\/a>,\u00a0SZO<\/a>,\u00a0OLEM<\/a>,\u00a0WTIU<\/a>,\u00a0OILK<\/a>,\u00a0OILX<\/a>,\u00a0WTID<\/a>,\u00a0USOI<\/a>,\u00a0USOU<\/a>,\u00a0USOD<\/a>,\u00a0UBRT<\/a>,\u00a0DBRT<\/a>,\u00a0OILD<\/a>,\u00a0OILU<\/a>,\u00a0USAI<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Seeking Alpha Brent crude oil could slide below $60\/bbl\u00a0as a surge in U.S. shipments to Asia threatens to undermine the production cut deal between OPEC and its allies, according to ING analysts, in contrast to bullish views from Goldman Sachs and others who see prices supported as strong demand soaks up supply from the U.S.<\/p>\n","protected":false},"author":71,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[111,110,109,40,107,108],"class_list":["post-1526","post","type-post","status-publish","format-standard","hentry","category-article","tag-asia","tag-exports","tag-middle-east","tag-oil","tag-opec","tag-usa"],"_links":{"self":[{"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/posts\/1526","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/users\/71"}],"replies":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/comments?post=1526"}],"version-history":[{"count":2,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/posts\/1526\/revisions"}],"predecessor-version":[{"id":1530,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/posts\/1526\/revisions\/1530"}],"wp:attachment":[{"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/media?parent=1526"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/categories?post=1526"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/tags?post=1526"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}