Bearish Oil Market Putting Pressure On OPEC

OPEC

Crude slipped into a bear market last week and OPEC is already scrambling—the organization is talking about oil prices and holding special meetings as early as September.

While the producers of 40% of the world’s crude supply were united and optimistic when they met in June, largely due to crude’s nearly 90% price recovery after hitting a 12-year low, now that the market has fallen back into decline they aren't so sure, Bloomberg reports. On top of that, money managers are placing record bets that prices will continue to fall.

Even while the oil supply glut proves more resilient than expected, experts say there’s little reason to believe OPEC will come any closer to taking action to curb the surplus this time around. [Bloomberg]

Continue reading this story with a free account

Log in or register
Related Topics: Crude prices fall , OPEC
Sign up for more articles like this
Subscribe to Bisnow's National Newsletters
Related Stories

TPG, ACORE Raise Billions For Opportunistic CRE Funds

Newmark Cuts Earnings Outlook Despite Record Third Quarter

Battered Mortgage REIT Suspends Dividend To Preserve Cash

From Pandemic Darling To Cautionary Tale: Pickleball Clubs Face A Reckoning After Betting Big On Retail Space

Weil Gotshal Wind-Down Leaves 830K SF Hole In America's Office Market

Blackstone Mortgage Trust Reports Unexpected Q3 Net Loss

Tyko Capital Sets New Record For Florida's Largest Construction Loan

Office Recovery Moving Faster Than Expected, CoStar Finds

How Microsoft, Coca-Cola And Amazon Are Adapting Their Offices For AI Age

CoStar To Acquire Aerial Imagery Company For $730M

BXP Execs See Better Returns In Building Offices Than Buying Them

JLL's Q3 Revenue Surges Amid Strong Leasing, Capital Markets Activity