Weekly Snapshot
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OPEC to Discuss Changing Measure of Success for Supply Cuts
OPEC and non-OPEC delegates met in Vienna on Monday to further discuss the current measure of production cuts. One option is to exclude years of high stockpiles from the five-year average for oil inventories in developed economies. Another option presented is to use a seven-year inventory average, which would potentially extend the production cuts. Click here to read the full story.
U.S. Plans Heavy China Tariff Hit as Soon as This Week
The Trump administration plans to impose tariffs on Chinese products to punish Beijing for what the U.S. perceives as intellectual property theft. The tariffs could be worth as much as $60 billion and could be imposed as early as this week. Read more on this story here.
Some Oil Refineries Are Getting a License to Print Money
The standards for marine fuel are changing in 2020. Vessels will be required to purchase fuel with less sulfur content, or be fitted with equipment to reduce emissions. Demand and prices for compliant marine fuel are rising, and sophisticated plants can already comply with the upcoming standards. One expert said “They’ll print money” in reference to the refiners who can already produce cleaner fuels. Click here to read more on this story.
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