The Applied Knowledge Team at Breakthrough®Fuel is tracking events around the world and here at home that can impact transportation fuel costs. As always, our latest Breakthrough®Advisor publication will take a closer look at the energy market and help your organization stay informed.
If you’re a current client, watch for the Advisor to hit your email soon. Here’s what’s coming up in the August edition.
Just a Fluke or a Definite Trend?
After remaining stable for much of the first half of 2017, oil prices seemed to be heading in a downward direction during June. Then, there was a sudden surge at the end of the month, but what kind of story did July present?
Was the spike in June nothing more than a blip on the radar, or was it an actual trend towards increasing prices? We’ll take a closer look at what’s happening and why.
Nigeria to Cap Production
OPEC made some moves in late July and consequently made headlines by indicating it is willing to adjust its strategy surrounding the output of oil.
Nigeria and Libya were both exempt from OPEC production cuts that went into effect last November. That’s because OPEC wanted to give the oil industry in those nations a chance to recover from civil unrest. However, now Nigeria may join the deal between OPEC and several non-OPEC producers, such as Russia, to implement cuts. Nigeria is pledging to cap output once it reaches 1.8 million barrels per day.
OPEC is also calling on certain members to boost compliance with production cuts to clear excess in the global stockpile. What does all of this mean for oil and refined products now and moving forward? Look for an in-depth explanation in the Breakthrough®Advisor.
The Applied Knowledge Team is keeping an eye on a geopolitical situation in Venezuela, which may influence diesel prices in the United States. A recent election included a referendum impacting the balance of power in that nation, which could lead to a broadening of sanctions on its oil industry and even an outright boycott of Venezuelan oil. Look for our analysis in future content from Breakthrough®Fuel.
We’re also getting ready for the upcoming Mercury Group in Chicago (August 8-9), an annual event Breakthrough®Fuel hosts for clients to collaborate, discuss best practices, and engage with industry peers.
Both Mercury Group and the Breakthrough®Advisor publication are exclusive resources made available to our clients. If you’re interested in getting a preview of how we keep our clients informed and prepared, you can download a sample version of the Advisor using the form at the bottom of this page. Visit our Knowledge Center to learn even more.