Each home you purchase is an investment. I strive to make sure your home purchase is a good decision now and in the future. I work with buyers/sellers/investors on all styles of properties. I work hard to help potential home buyers reach their goals. Bennett Real Estate Pros were #1 (KWRI 2010 and 2011, www.bennettpros.com). We strive to offer 5 star service to clients in their search for their most important asset. We’re Platinum Club members, the top 1% of realtors in the world.
Tuesday, December 13, 2016
The huge surplus of oil that's been sloshing through global markets is set to evaporate.
The International Energy Agency said Tuesday that it expects the global crude oil glut to start disappearing in the first half of next year, much earlier than it previously predicted.
There is one major condition: OPEC and its partners must stick to their agreement to slash production.
The collective action helped push prices to a new 2016 high above $53 per barrel on Monday.
Paris-based IEA said in its monthly report that if all parties stick to the agreement, "the market is likely to move into deficit in the first half of 2017 by an estimated 600,000 barrels a day."
But the IEA also warned that the oil market outlook remains uncertain in the longer term. That's because the production cuts were only agreed for six months, with a review due in May.
"This can be seen as prudent given the underlying uncertainties in the oil market and the global economy but also a warning that production restraint might not be extended," said the agency.
OPEC producers want to cut production in order to push prices higher -- but only within certain limits. If prices rise too far, high-cost producers including the U.S. shale industry could start pumping again.
But the IEA noted that some U.S. shale producers are already making new investments. The industry has put 161 rigs back in service since May, when the number of rigs dropped to just 316.
In November alone, the number of rigs in operation increased by 36 to 477.