Art Berman: OPEC Production Cut, Crude Oil Outlook

Erik Townsend and Aaron Chan welcome Art Berman to MacroVoices. Erik and Art discuss:

• OPEC's latest production cut agreement and what it means
• Production cut being more akin to a floor than a ceiling
• False conception of cutting production to bring balance to an already-balanced market
• How excess oil in storage will suppress prices for some time to come
• Weak demand growth similar to late-2014 won't support higher prices
• Resumption of U.S. production in response to higher prices
• OPEC not being as desperate as portrayed by the media
• Weakening global economy as the main driver for low oil prices

 

 

 

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Arthur E. Berman is a geological consultant with thirty-seven years of experience in petroleum exploration and production. He currently is consulting for several E&P companies and capital groups in the energy sector. He frequently gives keynote addresses for investment conferences, boards of directors and professional societies.  He is often interviewed about energy topics on television, radio, and national print and web publications including CNBC, CNN, CBC, BNN, OilPrice.com, Bloomberg, Platt’s, Financial Times, and New York Times. He is a Director of ASPO-USA (Association for the Study of Peak Oil & Gas USA). He was a Managing Director and  frequent contributor at The Oil Drum, and is an associate editor of the AAPG (American Association of Petroleum Geologists) Bulletin. He was past Editor of the Houston Geological Society Bulletin (2004-2005) and past Vice-President of the Society (2008-2009). He has published more than 100 articles on geology, technology, and the petroleum industry during the past 5 years.